Paylocity (NASDAQ:PCTY) Cut to “Hold” at StockNews.com

StockNews.com cut shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research note released on Friday.

Several other analysts have also recently issued reports on PCTY. Jefferies Financial Group upped their price objective on Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Piper Sandler upped their target price on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Truist Financial raised their price target on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Barclays boosted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 31st. Finally, BTIG Research cut their target price on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $196.64.

Paylocity Trading Down 1.1 %

Shares of PCTY opened at $207.54 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50-day moving average price of $183.90 and a 200 day moving average price of $161.25. The company has a market capitalization of $11.57 billion, a P/E ratio of 53.08, a P/E/G ratio of 5.11 and a beta of 0.93. Paylocity has a one year low of $129.94 and a one year high of $215.68.

Insider Buying and Selling

In other news, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at $6,474,772.12. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 75,790 shares of company stock valued at $15,004,635. 21.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Several institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC raised its holdings in shares of Paylocity by 16,397.9% during the 3rd quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock valued at $1,279,000 after purchasing an additional 7,707 shares in the last quarter. Cetera Advisors LLC acquired a new position in shares of Paylocity during the first quarter worth approximately $729,000. Cetera Investment Advisers boosted its holdings in Paylocity by 128.7% in the 1st 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 during the period. Qsemble Capital Management LP bought a new position in shares of Paylocity during the 2nd quarter worth about $842,000. Finally, Quest Partners LLC raised its position in shares of Paylocity by 82,275.0% during the second quarter. Quest Partners LLC now owns 6,590 shares of the software maker’s stock valued at $869,000 after buying an additional 6,582 shares during the last quarter. 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.