Paylocity (NASDAQ:PCTY) Rating Lowered to “Hold” at Zacks Research

Paylocity (NASDAQ:PCTY) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently commented on PCTY. Barclays boosted their price objective on shares of Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Citigroup raised their price target on Paylocity from $133.00 to $136.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. BMO Capital Markets raised their price objective on shares of Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. TD Cowen cut their price target on shares of Paylocity from $155.00 to $137.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Paylocity in a research note on Tuesday, July 21st. Thirteen investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $151.88.

Paylocity Stock Up 6.5%

Shares of Paylocity stock opened at $138.68 on Monday. Paylocity has a 1 year low of $92.99 and a 1 year high of $197.78. The company has a market cap of $7.42 billion, a P/E ratio of 29.57 and a beta of 0.52. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $113.96 and a 200 day moving average price of $114.58.

Insider Activity

In other news, SVP Andrew Cappotelli sold 899 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the sale, the senior vice president directly owned 17,679 shares in the company, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently added to or reduced their stakes in the stock. Optiver Holding B.V. raised its stake in Paylocity by 5,925.0% during the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock worth $26,000 after buying an additional 237 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of Paylocity in the 4th quarter valued at about $27,000. Basecamp Wealth Advisors LLC lifted its holdings in shares of Paylocity by 4,250.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after purchasing an additional 255 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Paylocity during the fourth quarter worth about $30,000. Finally, Elevation Wealth Partners LLC boosted its position in shares of Paylocity by 500.0% during the second quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock worth $36,000 after buying an additional 285 shares during the period. 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.