Paylocity (PCTY) Downgraded by TheStreet
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.
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.
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.
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