Paylocity (NASDAQ:PCTY) Hits New 52-Week Low After Insider Selling

Shares of Paylocity Holding Co. (NASDAQ:PCTY) hit a new 52-week low on Tuesday following insider selling activity. The company traded as low as $135.57 and last traded at $136.56, with a volume of 90030 shares traded. The stock had previously closed at $137.97.

Specifically, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 22.50% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on PCTY shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 target price on shares of Paylocity in a report on Friday, May 3rd. Stifel Nicolaus reduced their price objective on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. KeyCorp boosted their target price on shares of Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Citigroup cut their price target on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, TD Cowen lowered their price objective on Paylocity from $188.00 to $180.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $194.29.

Paylocity Trading Down 3.0 %

The firm’s 50-day simple moving average is $155.25 and its 200 day simple moving average is $161.33. The stock has a market cap of $7.55 billion, a P/E ratio of 38.92, a PEG ratio of 2.52 and a beta of 0.89.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The company had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. On average, analysts anticipate that Paylocity Holding Co. will post 3.95 EPS for the current year.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC acquired a new stake in shares of Paylocity during the first quarter valued at approximately $729,000. Cetera Investment Advisers lifted its holdings in shares of Paylocity by 128.7% in the first quarter. Cetera Investment Advisers now owns 11,783 shares of the software maker’s stock valued at $2,025,000 after purchasing an additional 6,630 shares in the last quarter. Swedbank AB acquired a new stake in shares of Paylocity in the first quarter worth $25,848,000. Plato Investment Management Ltd grew its holdings in shares of Paylocity by 4,853.3% during the first quarter. Plato Investment Management Ltd now owns 3,715 shares of the software maker’s stock valued at $638,000 after buying an additional 3,640 shares in the last quarter. Finally, Tidal Investments LLC raised its position in Paylocity by 142.3% during the first quarter. Tidal Investments LLC now owns 3,989 shares of the software maker’s stock valued at $686,000 after buying an additional 2,343 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.