Paylocity Holding Corporation (NASDAQ:PCTY) has been assigned a $55.00 target price by equities researchers at Raymond James Financial, Inc. in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the software maker’s stock. Raymond James Financial, Inc.’s price objective points to a potential upside of 25.23% from the stock’s previous close.

PCTY has been the topic of several other reports. ValuEngine upgraded shares of Paylocity Holding Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded shares of Paylocity Holding Corporation from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Tuesday, July 18th. Pacific Crest reiterated a “hold” rating on shares of Paylocity Holding Corporation in a research note on Thursday, May 4th. Wells Fargo & Company reiterated a “market perform” rating on shares of Paylocity Holding Corporation in a research note on Friday, May 12th. Finally, SunTrust Banks, Inc. initiated coverage on shares of Paylocity Holding Corporation in a research note on Monday, June 26th. They issued a “hold” rating and a $45.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $49.33.

Paylocity Holding Corporation (PCTY) traded up 1.16% during midday trading on Wednesday, hitting $44.43. 105,869 shares of the stock were exchanged. The firm has a market capitalization of $2.29 billion, a P/E ratio of 444.30 and a beta of 2.26. Paylocity Holding Corporation has a 1-year low of $29.69 and a 1-year high of $49.65. The firm’s 50-day moving average price is $46.28 and its 200 day moving average price is $40.84.

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In other news, Director Steven I. Sarowitz sold 172,699 shares of the firm’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $44.37, for a total transaction of $7,662,654.63. Following the sale, the director now owns 16,337,902 shares in the company, valued at approximately $724,912,711.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark S. Kinsey sold 1,000 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $44.52, for a total transaction of $44,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 355,021 shares of company stock worth $15,942,057. Corporate insiders own 53.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in PCTY. BNP Paribas Arbitrage SA boosted its position in Paylocity Holding Corporation by 562.6% in the second quarter. BNP Paribas Arbitrage SA now owns 3,293 shares of the software maker’s stock valued at $149,000 after buying an additional 2,796 shares in the last quarter. Bank of Montreal Can boosted its position in Paylocity Holding Corporation by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock valued at $130,000 after buying an additional 764 shares in the last quarter. Turner Investments LLC acquired a new position in Paylocity Holding Corporation during the second quarter valued at $158,000. Invictus RG acquired a new position in Paylocity Holding Corporation during the first quarter valued at $198,000. Finally, Independent Portfolio Consultants Inc. boosted its position in Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock valued at $232,000 after buying an additional 1,655 shares in the last quarter. 63.54% of the stock is currently owned by institutional investors.

About Paylocity Holding Corporation

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.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

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