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

Paylocity (NASDAQ:PCTY) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other equities analysts have also issued research reports about the company. Jefferies Financial Group lifted their target price on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Mizuho raised their price target on shares of Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Barclays boosted their price objective on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 31st. BMO Capital Markets raised their target price on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC upped their price target on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research 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’s stock. Based on data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and an average price target of $196.64.

Paylocity Stock Up 0.2 %

Shares of NASDAQ PCTY opened at $211.16 on Friday. The stock has a market capitalization of $11.77 billion, a PE ratio of 54.01, a price-to-earnings-growth ratio of 5.36 and a beta of 0.93. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity has a 12-month low of $129.94 and a 12-month high of $213.98. The stock’s fifty day simple moving average is $170.00 and its two-hundred day simple moving average is $156.73.

Insider Activity

In related news, CFO Ryan Glenn sold 500 shares of Paylocity stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the completion of the sale, the chief financial officer now owns 52,134 shares of the company’s stock, valued at $10,597,799.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Ryan Glenn sold 500 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total transaction of $101,640.00. Following the completion of the transaction, the chief financial officer now owns 52,134 shares of the company’s stock, valued at $10,597,799.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeffrey T. Diehl sold 29,606 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the transaction, the director now owns 11,755 shares of the company’s stock, valued at $2,310,445.25. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,896 shares of company stock valued at $6,049,629. Company insiders own 21.91% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several large investors have recently made changes to their positions in PCTY. Price T Rowe Associates Inc. MD increased its holdings in Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after buying an additional 278,607 shares in the last quarter. Liontrust Investment Partners LLP boosted its stake in shares of Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock worth $106,840,000 after acquiring an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. grew its position in shares of Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after acquiring an additional 98,478 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Paylocity by 4.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock valued at $62,324,000 after purchasing an additional 21,127 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Paylocity by 58.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock worth $44,296,000 after purchasing an additional 123,744 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.