Paylocity (NASDAQ:PCTY) Stock Rating Lowered by Wall Street Zen

Paylocity (NASDAQ:PCTY) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

PCTY has been the topic of a number of other research reports. TD Cowen restated a “buy” rating on shares of Paylocity in a report on Friday, February 6th. BTIG Research cut their price objective on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a report on Friday, February 6th. Stifel Nicolaus decreased their target price on shares of Paylocity from $188.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Guggenheim upgraded Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 price target for the company in a research report on Monday, November 10th. Finally, Stephens set a $160.00 price target on Paylocity in a report on Friday, January 16th. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $180.05.

Paylocity Stock Down 2.4%

PCTY stock opened at $105.66 on Friday. Paylocity has a 52 week low of $101.39 and a 52 week high of $210.35. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.07. The firm has a 50-day simple moving average of $137.53 and a 200-day simple moving average of $151.28. The stock has a market capitalization of $5.69 billion, a P/E ratio of 24.86, a P/E/G ratio of 3.04 and a beta of 0.54.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.28. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The company had revenue of $416.13 million for the quarter, compared to analysts’ expectations of $408.37 million. During the same period in the previous year, the firm posted $1.52 EPS. Paylocity’s revenue was up 10.4% compared to the same quarter last year. Equities analysts forecast that Paylocity will post 4.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. DekaBank Deutsche Girozentrale lifted its position in shares of Paylocity by 0.9% during the second quarter. DekaBank Deutsche Girozentrale now owns 6,148 shares of the software maker’s stock worth $1,097,000 after purchasing an additional 54 shares in the last quarter. ProShare Advisors LLC increased its stake in Paylocity by 3.3% during the 2nd quarter. ProShare Advisors LLC now owns 2,055 shares of the software maker’s stock worth $372,000 after buying an additional 65 shares during the period. Federated Hermes Inc. increased its stake in Paylocity by 1.6% during the 3rd quarter. Federated Hermes Inc. now owns 4,848 shares of the software maker’s stock worth $772,000 after buying an additional 78 shares during the period. SBI Securities Co. Ltd. lifted its holdings in Paylocity by 47.4% during the 2nd quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock worth $46,000 after buying an additional 81 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Paylocity by 2.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,313 shares of the software maker’s stock valued at $528,000 after buying an additional 81 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.