Paylocity (NASDAQ:PCTY) Cut to “Hold” at Wall Street Zen

Paylocity (NASDAQ:PCTY) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Sunday.

PCTY has been the subject of a number of other research reports. Stifel Nicolaus dropped their price objective on Paylocity from $188.00 to $165.00 and set a “buy” rating for the company in a report on Friday, February 6th. Zacks Research upgraded shares of Paylocity from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Jefferies Financial Group reduced their price target on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Mizuho lowered their price objective on shares of Paylocity from $180.00 to $150.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. Finally, Citizens Jmp dropped their target price on shares of Paylocity from $245.00 to $170.00 and set a “market outperform” rating on the stock in a research note on Friday, February 6th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.05.

Paylocity Price Performance

PCTY stock opened at $105.66 on Friday. The stock has a market cap of $5.69 billion, a PE ratio of 24.86, a P/E/G ratio of 3.04 and a beta of 0.54. Paylocity has a 12 month low of $101.39 and a 12 month high of $210.35. The company has a 50-day moving average price of $137.53 and a 200 day moving average price of $151.28. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.28. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The company had revenue of $416.13 million for the quarter, compared to analyst estimates of $408.37 million. During the same period in the prior year, the company posted $1.52 EPS. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. Equities research analysts anticipate that Paylocity will post 4.36 earnings per share 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 PCTY. Amiral Gestion increased its stake in shares of Paylocity by 37.6% in the 3rd quarter. Amiral Gestion now owns 84,703 shares of the software maker’s stock valued at $13,491,000 after purchasing an additional 23,162 shares in the last quarter. Capital Fund Management S.A. acquired a new stake in Paylocity in the second quarter valued at approximately $6,877,000. Prudential Financial Inc. increased its position in shares of Paylocity by 342.1% in the second quarter. Prudential Financial Inc. now owns 68,883 shares of the software maker’s stock valued at $12,481,000 after buying an additional 53,302 shares in the last quarter. Sawgrass Asset Management LLC acquired a new position in shares of Paylocity during the 3rd quarter worth approximately $9,156,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of Paylocity during the 2nd quarter worth approximately $2,283,000. 94.76% of the stock is currently owned by institutional investors.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.