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

StockNews.com lowered shares of Paylocity (NASDAQ:PCTY - Free Report) from a buy rating to a hold rating in a research report report published on Saturday morning.

A number of other equities research analysts have also recently weighed in on the company. KeyCorp upped their price objective on Paylocity from $187.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Needham & Company LLC upped their price objective on Paylocity from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Barclays upped their price objective on Paylocity from $174.00 to $180.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 31st. BMO Capital Markets upped their target price on Paylocity from $175.00 to $203.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Finally, Piper Sandler upped their target price on Paylocity from $172.00 to $212.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Paylocity presently has an average rating of "Moderate Buy" and a consensus target price of $196.64.

Paylocity Stock Up 0.2 %

Shares of PCTY stock traded up $0.45 during mid-day trading on Friday, hitting $211.16. The stock had a trading volume of 506,731 shares, compared to its average volume of 504,839. Paylocity has a 12-month low of $129.94 and a 12-month high of $213.98. The firm has a market capitalization of $11.77 billion, a P/E ratio of 54.01, a price-to-earnings-growth ratio of 5.36 and a beta of 0.93. The firm's 50-day moving average is $170.00 and its two-hundred day moving average is $156.71. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32.

Insiders Place Their Bets

In other news, CFO Ryan Glenn sold 500 shares of Paylocity 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 completion of the sale, the chief financial officer now directly owns 52,134 shares of the company's stock, valued at approximately $10,597,799.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Glenn sold 500 shares of Paylocity stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total value of $101,640.00. Following the completion of the transaction, the chief financial officer now owns 52,134 shares of the company's stock, valued at approximately $10,597,799.52. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,896 shares of company stock valued at $6,049,629 over the last quarter. 21.91% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. Price T Rowe Associates Inc. MD boosted its holdings in Paylocity by 3.3% in 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 purchasing an additional 278,607 shares during the period. Capital Research Global Investors purchased a new position in Paylocity in the first quarter valued at $46,902,000. Millennium Management LLC boosted its holdings in Paylocity by 435.2% in the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker's stock valued at $43,676,000 after purchasing an additional 269,354 shares during the period. Liontrust Investment Partners LLP lifted its holdings in Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker's stock worth $106,840,000 after buying an additional 172,807 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Paylocity by 1,662.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker's stock worth $23,986,000 after buying an additional 171,597 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other 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.