Paylocity (NASDAQ:PCTY) Reaches New 12-Month Low – Time to Sell?

Paylocity Holding Corporation (NASDAQ:PCTY)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $111.91 and last traded at $112.31, with a volume of 1539846 shares traded. The stock had previously closed at $117.85.

Analyst Ratings Changes

A number of analysts have issued reports on PCTY shares. Zacks Research raised Paylocity from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Jefferies Financial Group cut their price objective on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a research report on Friday. Guggenheim raised shares of Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 target price on the stock in a research note on Monday, November 10th. KeyCorp decreased their target price on shares of Paylocity from $225.00 to $190.00 and set an “overweight” rating on the stock in a report on Friday. Finally, BTIG Research cut their price target on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a report on Friday. Sixteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $183.14.

Paylocity Trading Down 4.7%

The company has a 50 day moving average of $144.58 and a 200-day moving average of $155.95. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 26.43, a price-to-earnings-growth ratio of 3.47 and a beta of 0.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.04.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.28. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The firm had revenue of $416.13 million for the quarter, compared to the consensus estimate of $408.37 million. During the same period in the prior year, the firm earned $1.52 EPS. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, research analysts anticipate that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

Insider Buying and Selling

In other Paylocity news, CFO Ryan Glenn sold 1,737 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the completion of the transaction, the chief financial officer owned 77,229 shares in the company, valued at $11,093,945.85. The trade was a 2.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 19.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently modified their holdings of the company. Amiral Gestion increased its stake in Paylocity by 37.6% in the third quarter. Amiral Gestion now owns 84,703 shares of the software maker’s stock valued at $13,491,000 after purchasing an additional 23,162 shares during the period. Capital Fund Management S.A. acquired a new stake in shares of Paylocity during the second quarter worth about $6,877,000. Prudential Financial Inc. grew its holdings in shares of Paylocity by 342.1% during the second quarter. Prudential Financial Inc. now owns 68,883 shares of the software maker’s stock worth $12,481,000 after buying an additional 53,302 shares during the last quarter. Sawgrass Asset Management LLC acquired a new position in Paylocity in the 3rd quarter valued at about $9,156,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in Paylocity in the 2nd quarter valued at about $2,283,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.