The lower-end member of the Moto Z family arrived back in September 2016 with Android Marshmallow on board. In the meantime, it also received Android 7.0 Nougat, and now Motorola's support confirms that Android 7.1.1 is headed for it as well.
http://www.notebookcheck.net/Android-7-1-1-coming-soon-to-Moto-Z-Play-handsets.213268.0.html