ValuEngine downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research report released on Tuesday morning.
Several other equities research analysts have also recently issued reports on PCTY. Robert W. Baird raised their price objective on Paylocity from $68.00 to $71.00 and gave the stock an outperform rating in a report on Friday, November 2nd. BidaskClub cut Paylocity from a strong-buy rating to a buy rating in a report on Wednesday, July 25th. Jefferies Financial Group reduced their target price on Paylocity to $79.00 and set a hold rating on the stock in a report on Friday, November 2nd. Bank of America reduced their target price on Paylocity from $91.00 to $78.00 and set a buy rating on the stock in a report on Friday, November 2nd. Finally, Royal Bank of Canada reduced their target price on Paylocity from $68.00 to $66.00 and set a sector perform rating on the stock in a report on Friday, August 10th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $68.36.
PCTY stock opened at $61.80 on Tuesday. Paylocity has a 52-week low of $41.15 and a 52-week high of $88.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.08 and a current ratio of 1.08. The firm has a market cap of $3.31 billion, a PE ratio of 199.35, a price-to-earnings-growth ratio of 3.64 and a beta of 2.19.
In other Paylocity news, Director Steven I. Sarowitz sold 144,124 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $64.75, for a total value of $9,332,029.00. Following the transaction, the director now directly owns 14,820,606 shares of the company’s stock, valued at $959,634,238.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Mark S. Kinsey sold 386 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $66.65, for a total value of $25,726.90. Following the completion of the transaction, the senior vice president now directly owns 86,331 shares in the company, valued at $5,753,961.15. The disclosure for this sale can be found here. Insiders sold 1,002,124 shares of company stock worth $65,904,551 in the last quarter. 41.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in PCTY. California Public Employees Retirement System increased its position in shares of Paylocity by 316.7% during the first quarter. California Public Employees Retirement System now owns 35,838 shares of the software maker’s stock worth $1,836,000 after acquiring an additional 27,238 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Paylocity by 64.4% during the first quarter. Dimensional Fund Advisors LP now owns 294,017 shares of the software maker’s stock worth $15,062,000 after acquiring an additional 115,202 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Paylocity during the first quarter worth about $277,000. Principal Financial Group Inc. increased its position in shares of Paylocity by 4.5% during the first quarter. Principal Financial Group Inc. now owns 21,816 shares of the software maker’s stock worth $1,117,000 after acquiring an additional 943 shares during the last quarter. Finally, Xact Kapitalforvaltning AB purchased a new stake in shares of Paylocity during the first quarter worth about $254,000. 65.17% of the stock is currently owned by institutional investors.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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