Paylocity (NASDAQ:PCTY) Downgraded by StockNews.com to "Hold"

Paylocity (NASDAQ:PCTY - Get Free Report) was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research note issued to investors on Friday.

A number of other research firms have also weighed in on PCTY. Barclays boosted their target price on shares of Paylocity from $174.00 to $180.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Mizuho increased their price objective on Paylocity from $175.00 to $180.00 and gave the company a "neutral" rating in a report on Monday, November 4th. BTIG Research cut their target price on Paylocity from $200.00 to $185.00 and set a "buy" rating on the stock in a report on Friday, August 2nd. Needham & Company LLC increased their price target on Paylocity from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group lifted their price objective on Paylocity from $200.00 to $215.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $196.64.

Paylocity Trading Down 1.1 %

Shares of PCTY stock traded down $2.33 during mid-day trading on Friday, reaching $207.54. 226,511 shares of the stock traded hands, compared to its average volume of 497,889. The company has a market cap of $11.57 billion, a price-to-earnings ratio of 53.68, a price-to-earnings-growth ratio of 5.17 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. The stock's fifty day simple moving average is $183.00 and its two-hundred day simple moving average is $161.10. Paylocity has a 1-year low of $129.94 and a 1-year high of $215.68.

Insider Activity

In other Paylocity news, SVP Andrew Cappotelli sold 247 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Nicholas Rost sold 212 shares of the firm's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the completion of the transaction, the chief accounting officer now directly owns 7,364 shares in the company, valued at $1,423,387.56. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,277 shares of company stock worth $14,057,311. Company insiders own 21.91% of the company's stock.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in PCTY. Advisors Asset Management Inc. increased its holdings in Paylocity by 46.6% during the 1st quarter. Advisors Asset Management Inc. now owns 428 shares of the software maker's stock worth $74,000 after purchasing an additional 136 shares in the last quarter. California State Teachers Retirement System raised its position in Paylocity by 1.4% in the 1st quarter. California State Teachers Retirement System now owns 72,156 shares of the software maker's stock valued at $12,401,000 after buying an additional 996 shares during the last quarter. Tidal Investments LLC lifted its stake in Paylocity by 142.3% during the 1st quarter. Tidal Investments LLC now owns 3,989 shares of the software maker's stock valued at $686,000 after acquiring an additional 2,343 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Paylocity by 128.7% during the 1st quarter. Cetera Investment Advisers now owns 11,783 shares of the software maker's stock worth $2,025,000 after acquiring an additional 6,630 shares during the last quarter. Finally, Cetera Advisors LLC purchased a new position in Paylocity during the 1st quarter worth $729,000. 94.76% of the stock is owned by institutional investors.

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.