Paylocity Holding Corp (NASDAQ:PCTY) has received a consensus recommendation of “Buy” from the eighteen research firms that are presently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $53.73.
A number of research firms have recently issued reports on PCTY. BidaskClub upgraded shares of Paylocity from a “sell” rating to a “hold” rating in a report on Wednesday, January 31st. Zacks Investment Research lowered shares of Paylocity from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Dougherty & Co began coverage on shares of Paylocity in a report on Tuesday, December 19th. They set a “neutral” rating on the stock. TheStreet lowered shares of Paylocity from a “b-” rating to a “c+” rating in a report on Tuesday, December 5th. Finally, SunTrust Banks restated a “hold” rating and set a $47.00 price target on shares of Paylocity in a report on Friday, November 3rd.
Paylocity (NASDAQ:PCTY) traded down $1.92 during midday trading on Friday, hitting $44.01. 802,159 shares of the company were exchanged, compared to its average volume of 238,784. Paylocity has a twelve month low of $33.67 and a twelve month high of $53.96. The company has a market cap of $2,529.74, a P/E ratio of 244.50, a P/E/G ratio of 6.32 and a beta of 2.09.
In related news, COO Michael R. Haske sold 6,900 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $50.13, for a total transaction of $345,897.00. Following the transaction, the chief operating officer now directly owns 1,201,844 shares of the company’s stock, valued at $60,248,439.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $46.63, for a total transaction of $2,331,500.00. The disclosure for this sale can be found here. Insiders have sold 1,444,846 shares of company stock worth $66,981,241 over the last ninety days. 48.80% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Paylocity by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,070,015 shares of the software maker’s stock worth $93,524,000 after acquiring an additional 75,709 shares in the last quarter. FMR LLC grew its position in Paylocity by 5.2% in the second quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock worth $88,689,000 after acquiring an additional 97,368 shares in the last quarter. BlackRock Inc. grew its position in Paylocity by 1.7% in the fourth quarter. BlackRock Inc. now owns 1,821,962 shares of the software maker’s stock worth $85,924,000 after acquiring an additional 30,155 shares in the last quarter. Wasatch Advisors Inc. grew its position in Paylocity by 24.4% in the fourth quarter. Wasatch Advisors Inc. now owns 1,071,943 shares of the software maker’s stock worth $50,553,000 after acquiring an additional 210,556 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its position in Paylocity by 4.7% in the third quarter. TimesSquare Capital Management LLC now owns 1,042,500 shares of the software maker’s stock worth $50,895,000 after acquiring an additional 46,950 shares in the last quarter. 60.32% of the stock is 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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