Paylocity (NASDAQ:PCTY) was downgraded by equities researchers at TheStreet from a “b-” rating to a “c+” rating in a research note issued to investors on Tuesday.

Several other brokerages have also issued reports on PCTY. Bank of America lifted their price target on Paylocity from $50.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, October 24th. SunTrust Banks reiterated a “hold” rating and set a $47.00 price target on shares of Paylocity in a report on Friday, November 3rd. Robert W. Baird lifted their price target on Paylocity from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Mizuho reiterated a “hold” rating and set a $45.00 price target on shares of Paylocity in a report on Thursday, October 12th. Finally, ValuEngine upgraded Paylocity from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $52.92.

Shares of Paylocity (NASDAQ:PCTY) opened at $45.02 on Tuesday. Paylocity has a 1 year low of $29.69 and a 1 year high of $53.96. The company has a market capitalization of $2,357.48, a PE ratio of 204.04, a price-to-earnings-growth ratio of 5.89 and a beta of 2.11.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.15 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.17. Paylocity had a return on equity of 7.98% and a net margin of 3.11%. The firm had revenue of $81.50 million during the quarter, compared to analyst estimates of $80.88 million. During the same period last year, the company posted $0.07 EPS. The business’s quarterly revenue was up 25.4% compared to the same quarter last year. equities research analysts forecast that Paylocity will post 0.32 EPS for the current year.

In other Paylocity news, CEO Steven R. Beauchamp sold 23,530 shares of Paylocity stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $50.25, for a total value of $1,182,382.50. Following the transaction, the chief executive officer now directly owns 2,253,978 shares of the company’s stock, valued at approximately $113,262,394.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Edward W. Gaty sold 5,062 shares of Paylocity stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $45.82, for a total value of $231,940.84. Following the completion of the transaction, the senior vice president now directly owns 116,135 shares in the company, valued at $5,321,305.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,429,734 shares of company stock valued at $66,231,695. Corporate insiders own 48.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GSA Capital Partners LLP bought a new position in Paylocity in the 3rd quarter worth approximately $211,000. Cubist Systematic Strategies LLC bought a new position in Paylocity in the 3rd quarter worth approximately $289,000. Granahan Investment Management Inc. MA increased its position in shares of Paylocity by 7.5% during the third quarter. Granahan Investment Management Inc. MA now owns 159,286 shares of the software maker’s stock valued at $7,776,000 after purchasing an additional 11,054 shares during the period. Jane Street Group LLC bought a new stake in shares of Paylocity during the third quarter valued at approximately $260,000. Finally, Alyeska Investment Group L.P. increased its position in shares of Paylocity by 56.3% during the third quarter. Alyeska Investment Group L.P. now owns 625,000 shares of the software maker’s stock valued at $30,513,000 after purchasing an additional 225,000 shares during the period. 59.84% of the stock is currently owned by institutional investors.

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About Paylocity

Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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