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

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

Several other research firms also recently weighed in on PCTY. KeyCorp upped their price target on Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. BMO Capital Markets upped their target price on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Piper Sandler lifted their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Jefferies Financial Group increased their price objective on shares of Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial lifted their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $196.64.

Paylocity Price Performance

NASDAQ:PCTY opened at $211.16 on Friday. The business’s 50-day simple moving average is $170.00 and its two-hundred day simple moving average is $156.73. Paylocity has a 52 week low of $129.94 and a 52 week high of $213.98. The stock has a market cap of $11.77 billion, a PE ratio of 54.01, a P/E/G ratio of 5.36 and a beta of 0.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Insider Activity

In related news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the transaction, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Paylocity news, CFO Ryan Glenn sold 500 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total value of $101,640.00. Following the sale, the chief financial officer now owns 52,134 shares in the company, valued at $10,597,799.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction on 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 approximately $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,896 shares of company stock valued at $6,049,629. 21.91% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Price T Rowe Associates Inc. MD raised its stake in shares of Paylocity by 3.3% during 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 acquiring an additional 278,607 shares in the last quarter. Liontrust Investment Partners LLP raised its position in Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after purchasing an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. lifted its holdings in shares of Paylocity by 20.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock worth $76,447,000 after buying an additional 98,478 shares during the period. Bank of New York Mellon Corp grew its position in shares of Paylocity by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after buying an additional 21,127 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after buying an additional 123,744 shares during the period. Institutional investors own 94.76% of the company’s stock.

About Paylocity

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.