Paylocity (NASDAQ:PCTY) Downgraded to “Hold” Rating by StockNews.com

Paylocity (NASDAQ:PCTY) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

PCTY has been the topic of a number of other reports. Piper Sandler boosted their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Needham & Company LLC increased their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. BTIG Research dropped their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Jefferies Financial Group raised their target price on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, BMO Capital Markets increased their price target on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and an average price target of $196.64.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $207.54 on Friday. The stock has a fifty day moving average price of $183.90 and a 200 day moving average price of $161.32. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market cap of $11.57 billion, a PE ratio of 53.08, a P/E/G ratio of 5.17 and a beta of 0.93.

Insider Transactions at Paylocity

In other Paylocity news, Director Jeffrey T. Diehl sold 29,606 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total value of $5,819,059.30. Following the transaction, the director now directly owns 11,755 shares in the company, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $40,977.48. Following the sale, the chief accounting officer now owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 75,790 shares of company stock valued at $15,004,635 in the last ninety days. Corporate insiders own 21.91% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently bought and sold shares of PCTY. Tidal Investments LLC boosted its holdings in shares of Paylocity by 207.0% during the third quarter. Tidal Investments LLC now owns 8,836 shares of the software maker’s stock worth $1,458,000 after purchasing an additional 5,958 shares during the last quarter. Coldstream Capital Management Inc. purchased a new position in Paylocity during the third quarter worth about $239,000. Geode Capital Management LLC grew its holdings in Paylocity by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after buying an additional 36,590 shares during the period. Vestcor Inc grew its holdings in Paylocity by 943.8% in the 3rd quarter. Vestcor Inc now owns 10,000 shares of the software maker’s stock valued at $1,650,000 after buying an additional 9,042 shares during the period. Finally, Barclays PLC increased its stake in shares of Paylocity by 14.3% during the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after acquiring an additional 5,609 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.