Mizuho Forecasts Strong Price Appreciation for Paylocity (NASDAQ:PCTY) Stock

Paylocity (NASDAQ:PCTY) had its target price lifted by Mizuho from $175.00 to $180.00 in a research report sent to investors on Monday morning, Benzinga reports. Mizuho currently has a neutral rating on the software maker’s stock.

Several other equities analysts have also weighed in on PCTY. Piper Sandler increased their price objective on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their price target on Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. BMO Capital Markets increased their target price on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Truist Financial boosted their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus price target of $194.20.

Paylocity Stock Performance

PCTY stock traded up $1.86 during mid-day trading on Monday, hitting $193.21. The company had a trading volume of 18,997 shares, compared to its average volume of 498,914. Paylocity has a 12 month low of $129.94 and a 12 month high of $193.22. The stock’s fifty day moving average price is $166.28 and its two-hundred day moving average price is $155.30. The firm has a market cap of $10.77 billion, a PE ratio of 48.94, a price-to-earnings-growth ratio of 4.64 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32.

Insiders Place Their Bets

In related news, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently made changes to their positions in the business. UMB Bank n.a. lifted its stake in Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after acquiring an additional 165 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Paylocity in the 2nd quarter worth about $40,000. J.Safra Asset Management Corp increased its position in shares of Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after buying an additional 108 shares during the period. Signaturefd LLC increased its position in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after buying an additional 167 shares during the period. Finally, Versant Capital Management Inc purchased a new stake in Paylocity in the second quarter worth about $66,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.