Paylocity Holding Corp (PCTY) PT Raised to $52.00

Paylocity Holding Corp (PCTY) PT Raised to $52.00

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada upgraded shares of Paylocity Holding Corp from a sector perform rating to an outperform rating and raised their price target for the company from $38.00 to $47.00 in a research note on Tuesday, March 28th. Bank of America Corp upgraded shares of Paylocity Holding Corp from an underperform rating to a buy rating and set a $40.00 price target on the stock in a research note on Friday, February 3rd. JMP Securities reduced their price target on shares of Paylocity Holding Corp from $55.00 to $50.00 and set an outperform rating on the stock in a research note on Friday, February 3rd. Mizuho initiated coverage on shares of Paylocity Holding Corp in a research note on Friday, March 3rd. They issued a neutral rating and a $35.00 price target on the stock. Finally, Zacks Investment Research upgraded shares of Paylocity Holding Corp from a hold rating to a buy rating and set a $38.00 price target on the stock in a research note on Friday, February 10th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Paylocity Holding Corp currently has an average rating of Buy and a consensus target price of $48.50.

Paylocity Holding Corp (NASDAQ:PCTY) had its price target increased by Needham & Company LLC from $46.00 to $52.00 in a research report sent to investors on Thursday morning. They currently have a buy rating on the software maker’s stock.

Paylocity Holding Corp (PCTY) opened at 46.76 on Thursday. Paylocity Holding Corp has a 52 week low of $29.69 and a 52 week high of $49.65. The firm has a 50 day moving average of $42.09 and a 200-day moving average of $36.22. The company has a market capitalization of $2.41 billion, a P/E ratio of 467.60 and a beta of 2.22.

In other Paylocity Holding Corp news, Director Steven I. Sarowitz sold 27,301 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $45.05, for a total transaction of $1,229,910.05. Following the completion of the transaction, the director now owns 16,250,729 shares in the company, valued at approximately $732,095,341.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven R. Beauchamp sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $38.13, for a total transaction of $762,600.00. Following the transaction, the insider now owns 2,225,994 shares of the company’s stock, valued at approximately $84,877,151.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 384,773 shares of company stock valued at $16,637,847. Company insiders own 53.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. BlackRock Investment Management LLC raised its position in Paylocity Holding Corp by 1.6% in the third quarter. BlackRock Investment Management LLC now owns 81,505 shares of the software maker’s stock valued at $3,624,000 after buying an additional 1,298 shares during the last quarter. Norges Bank purchased a new position in Paylocity Holding Corp during the fourth quarter valued at about $1,200,000. Echo Street Capital Management LLC purchased a new position in Paylocity Holding Corp during the third quarter valued at about $9,829,000. Renaissance Technologies LLC raised its position in Paylocity Holding Corp by 165.9% in the fourth quarter. Renaissance Technologies LLC now owns 67,900 shares of the software maker’s stock valued at $2,038,000 after buying an additional 42,360 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Paylocity Holding Corp by 3.4% in the third quarter. Bank of New York Mellon Corp now owns 94,363 shares of the software maker’s stock valued at $4,196,000 after buying an additional 3,093 shares during the last quarter. Hedge funds and other institutional investors own 62.91% of the company’s stock.

About Paylocity Holding Corp

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:PCTY”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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