Paylocity (NASDAQ:PCTY) Hits New 52-Week High – Still a Buy?

06 Nov 2024, 19:28 by Sarita Garza · The Markets Daily

Paylocity Holding Co. (NASDAQ:PCTY – Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $205.21 and last traded at $204.74, with a volume of 15107 shares changing hands. The stock had previously closed at $197.00.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PCTY shares. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. BTIG Research decreased their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Mizuho raised their price objective on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Monday. JMP Securities reissued a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Finally, KeyCorp lifted their price objective on shares of Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $194.20.

Get Our Latest Stock Analysis on PCTY

Paylocity Price Performance

The stock’s 50 day moving average is $166.98 and its two-hundred day moving average is $155.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $11.75 billion, a PE ratio of 53.89, a price-to-earnings-growth ratio of 4.63 and a beta of 0.93.

Insiders Place Their Bets

In other news, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 21.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Asset Management Inc grew its stake in Paylocity by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after purchasing an additional 58 shares in the last quarter. Chicago Partners Investment Group LLC lifted its position in shares of Paylocity by 3.7% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the last quarter. Covestor Ltd grew its stake in shares of Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Paylocity by 3.6% in the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock valued at $498,000 after buying an additional 100 shares during the last quarter. Finally, King Luther Capital Management Corp raised its stake in Paylocity by 1.0% in the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock valued at $1,316,000 after buying an additional 103 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Company Profile

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