Paylocity (NASDAQ:PCTY) had its price target lifted by equities research analysts at SunTrust Banks to $108.00 in a research note issued on Friday, The Fly reports. The firm presently has a “positive” rating on the software maker’s stock. SunTrust Banks’ price target points to a potential upside of 9.32% from the stock’s previous close.
Several other equities research analysts also recently weighed in on PCTY. Zacks Investment Research downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. Craig Hallum reaffirmed a “hold” rating and issued a $97.00 price target (up from $78.00) on shares of Paylocity in a research note on Friday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $103.00 price target (up from $85.00) on shares of Paylocity in a research note on Friday. Finally, ValuEngine downgraded shares of Paylocity from a “strong-buy” rating to a “buy” rating in a research note on Friday, April 5th. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Paylocity currently has an average rating of “Buy” and an average price target of $85.67.
PCTY stock traded up $2.86 during midday trading on Friday, hitting $98.80. The stock had a trading volume of 128,730 shares, compared to its average volume of 281,443. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 318.69, a PEG ratio of 8.90 and a beta of 2.07. Paylocity has a 1-year low of $52.00 and a 1-year high of $97.96.
In other Paylocity news, Director Steven I. Sarowitz sold 72,500 shares of the company’s stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $81.04, for a total value of $5,875,400.00. Following the completion of the sale, the director now directly owns 14,735,730 shares of the company’s stock, valued at approximately $1,194,183,559.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Edward W. Gaty sold 11,281 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $87.00, for a total transaction of $981,447.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 882,481 shares of company stock valued at $75,511,619. 41.20% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of PCTY. Wells Fargo & Company MN grew its position in Paylocity by 6.4% in the 3rd quarter. Wells Fargo & Company MN now owns 14,809 shares of the software maker’s stock worth $1,189,000 after purchasing an additional 886 shares in the last quarter. JPMorgan Chase & Co. grew its position in Paylocity by 23.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 14,041 shares of the software maker’s stock worth $1,128,000 after purchasing an additional 2,627 shares in the last quarter. Bank of New York Mellon Corp grew its position in Paylocity by 6.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 307,932 shares of the software maker’s stock worth $24,733,000 after purchasing an additional 19,459 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Paylocity by 15.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 358,772 shares of the software maker’s stock worth $28,816,000 after purchasing an additional 49,181 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Paylocity in the 3rd quarter worth about $265,000. 65.25% of the stock is owned by institutional investors and hedge funds.
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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