Paylocity’s (PCTY) “Hold” Rating Reaffirmed at Mizuho
Mizuho reiterated their hold rating on shares of Paylocity (NASDAQ:PCTY) in a research note released on Tuesday morning. The brokerage currently has a $45.00 target price on the software maker’s stock.
PCTY has been the subject of several other research reports. Royal Bank of Canada lowered shares of Paylocity from an outperform rating to a sector perform rating and set a $56.00 price target for the company. in a research report on Monday, April 23rd. BidaskClub lowered shares of Paylocity from a hold rating to a sell rating in a research report on Wednesday, December 27th. William Blair reaffirmed an outperform rating on shares of Paylocity in a research report on Friday, February 9th. Zacks Investment Research raised shares of Paylocity from a hold rating to a buy rating and set a $53.00 price target for the company in a research report on Tuesday, January 2nd. Finally, ValuEngine upgraded Paylocity from a hold rating to a buy rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Paylocity currently has an average rating of Buy and an average price target of $54.57.
NASDAQ PCTY opened at $54.53 on Tuesday. Paylocity has a 52 week low of $39.21 and a 52 week high of $57.16. The stock has a market cap of $2,772.22, a PE ratio of 363.53, a price-to-earnings-growth ratio of 7.92 and a beta of 2.00.
In related news, CEO Steven R. Beauchamp sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $44.91, for a total transaction of $2,245,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $50.02, for a total value of $1,500,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,285 shares of company stock valued at $10,312,113. 48.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Fox Run Management L.L.C. bought a new position in Paylocity in the 4th quarter worth approximately $520,000. Teacher Retirement System of Texas bought a new position in Paylocity in the 4th quarter worth approximately $462,000. Swiss National Bank boosted its stake in Paylocity by 5.7% in the 4th quarter. Swiss National Bank now owns 49,750 shares of the software maker’s stock worth $2,346,000 after purchasing an additional 2,700 shares during the period. Bank of Montreal Can boosted its stake in Paylocity by 103.0% in the 4th quarter. Bank of Montreal Can now owns 7,293 shares of the software maker’s stock worth $344,000 after purchasing an additional 3,700 shares during the period. Finally, HBK Investments L P boosted its stake in Paylocity by 609.1% in the 4th quarter. HBK Investments L P now owns 36,561 shares of the software maker’s stock worth $1,724,000 after purchasing an additional 31,405 shares during the period. Institutional investors and hedge funds own 62.59% of the company’s stock.
Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; 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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