Paylocity (PCTY) Downgraded by BidaskClub
BidaskClub downgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a hold rating in a research note released on Tuesday morning.
Other research analysts have also recently issued reports about the stock. Needham & Company LLC upped their price objective on shares of Paylocity from $65.00 to $80.00 and gave the stock a buy rating in a research report on Friday, August 10th. Royal Bank of Canada restated a hold rating and issued a $68.00 price objective on shares of Paylocity in a research report on Wednesday, August 8th. Guggenheim assumed coverage on shares of Paylocity in a research report on Monday, August 20th. They issued a buy rating and a $80.00 price objective on the stock. Zacks Investment Research upgraded shares of Paylocity from a hold rating to a buy rating and set a $72.00 price objective on the stock in a research report on Tuesday, August 14th. Finally, Bank of America upped their price objective on shares of Paylocity from $73.00 to $91.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $69.71.
Shares of PCTY opened at $65.72 on Tuesday. Paylocity has a twelve month low of $41.15 and a twelve month high of $88.47. The stock has a market cap of $4.24 billion, a PE ratio of 212.00, a P/E/G ratio of 4.27 and a beta of 2.11. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.01.
In other Paylocity news, SVP Mark S. Kinsey sold 386 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $66.65, for a total transaction of $25,726.90. Following the transaction, the senior vice president now directly owns 86,331 shares in the company, valued at $5,753,961.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Edward W. Gaty sold 7,614 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $78.90, for a total transaction of $600,744.60. Following the transaction, the senior vice president now owns 126,392 shares in the company, valued at $9,972,328.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,002,124 shares of company stock worth $65,904,551. 48.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Motley Fool Asset Management LLC bought a new position in Paylocity during the second quarter valued at approximately $2,354,000. Ardsley Advisory Partners bought a new position in Paylocity during the second quarter valued at approximately $853,000. AMP Capital Investors Ltd bought a new position in Paylocity during the second quarter valued at approximately $288,000. Clearfield Capital Management LP bought a new position in Paylocity during the second quarter valued at approximately $6,510,000. Finally, Bank of Montreal Can grew its position in Paylocity by 16.4% during the second quarter. Bank of Montreal Can now owns 8,491 shares of the software maker’s stock valued at $500,000 after acquiring an additional 1,198 shares during the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.
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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