DA Davidson assumed coverage on shares of Paylocity (NASDAQ:PCTY) in a report released on Wednesday, Price Targets.com reports. The firm issued a buy rating and a $315.00 price objective on the software maker’s stock.
Other equities analysts also recently issued reports about the company. JMP Securities raised their price target on Paylocity from $220.00 to $272.00 and gave the company an outperform rating in a report on Friday, August 6th. Wolfe Research raised their price target on Paylocity from $180.00 to $230.00 and gave the company a peer perform rating in a report on Friday, August 6th. Citigroup reaffirmed a neutral rating and set a $203.71 price objective (up from $194.00) on shares of Paylocity in a research report on Monday, July 26th. KeyCorp increased their price objective on Paylocity from $220.00 to $255.00 and gave the company an overweight rating in a research report on Monday, August 9th. Finally, William Blair reaffirmed a buy rating on shares of Paylocity in a research report on Friday, August 6th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Paylocity has an average rating of Hold and an average price target of $228.31.
PCTY opened at $281.40 on Wednesday. The stock has a fifty day simple moving average of $267.68 and a two-hundred day simple moving average of $213.70. The company has a market cap of $15.36 billion, a price-to-earnings ratio of 225.12 and a beta of 1.31. Paylocity has a 12-month low of $154.26 and a 12-month high of $298.63.
In other news, Director Steven I. Sarowitz sold 22,704 shares of Paylocity stock in a transaction dated Monday, August 23rd. The stock was sold at an average price of $256.40, for a total transaction of $5,821,305.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 38,234 shares of Paylocity stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $252.21, for a total value of $9,642,997.14. Following the transaction, the chief executive officer now directly owns 1,808,645 shares in the company, valued at $456,158,355.45. The disclosure for this sale can be found here. Insiders sold 112,193 shares of company stock worth $29,058,493 over the last three months. Insiders own 32.90% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PCTY. BlackRock Inc. raised its stake in Paylocity by 9.8% during the 2nd quarter. BlackRock Inc. now owns 3,987,941 shares of the software maker’s stock valued at $760,899,000 after purchasing an additional 355,916 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Paylocity by 4.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,519,696 shares of the software maker’s stock worth $1,352,267,000 after acquiring an additional 339,043 shares during the last quarter. Westfield Capital Management Co. LP increased its stake in Paylocity by 342.5% in the 2nd quarter. Westfield Capital Management Co. LP now owns 313,623 shares of the software maker’s stock worth $59,839,000 after acquiring an additional 242,746 shares during the last quarter. American Century Companies Inc. increased its stake in Paylocity by 215.3% in the 2nd quarter. American Century Companies Inc. now owns 227,735 shares of the software maker’s stock worth $43,452,000 after acquiring an additional 155,510 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Paylocity by 71.7% in the 1st quarter. Ameriprise Financial Inc. now owns 261,935 shares of the software maker’s stock worth $47,091,000 after purchasing an additional 109,396 shares during the period. 68.82% of the stock is currently owned by institutional investors.
Paylocity Company Profile
Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.
Featured Article: Initial Coin Offerings entail a high degree of risk
Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.