Paylocity (NASDAQ:PCTY) Downgraded by Wall Street Zen to Hold

Paylocity (NASDAQ:PCTY) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

PCTY has been the subject of several other reports. Citizens Jmp lowered their target price on Paylocity from $170.00 to $150.00 and set a “market outperform” rating for the company in a report on Friday, May 8th. Jefferies Financial Group set a $135.00 price objective on Paylocity in a report on Saturday, May 9th. Robert W. Baird set a $193.00 price objective on shares of Paylocity in a research note on Friday, May 8th. Truist Financial lowered their price objective on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a research note on Monday. Finally, UBS Group increased their target price on shares of Paylocity from $114.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.61.

Paylocity Price Performance

Shares of NASDAQ:PCTY opened at $115.10 on Friday. The business’s 50 day moving average is $108.27 and its 200 day moving average is $118.25. The stock has a market cap of $6.16 billion, a P/E ratio of 24.54 and a beta of 0.52. Paylocity has a 52-week low of $92.99 and a 52-week high of $197.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were 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 $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in PCTY. Versant Capital Management Inc boosted its position in shares of Paylocity by 111.6% in the 2nd quarter. Versant Capital Management Inc now owns 4,557 shares of the software maker’s stock worth $476,000 after purchasing an additional 2,403 shares in the last quarter. Basecamp Wealth Advisors LLC increased its position in Paylocity by 4,250.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after buying an additional 255 shares in the last quarter. Pacer Advisors Inc. raised its stake in Paylocity by 3.4% in the first quarter. Pacer Advisors Inc. now owns 15,238 shares of the software maker’s stock valued at $1,646,000 after buying an additional 507 shares during the last quarter. Parallel Advisors LLC raised its stake in Paylocity by 58.8% in the first quarter. Parallel Advisors LLC now owns 451 shares of the software maker’s stock valued at $49,000 after buying an additional 167 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Paylocity by 17.6% in the first quarter. NewEdge Advisors LLC now owns 5,669 shares of the software maker’s stock worth $612,000 after acquiring an additional 849 shares in the last quarter. Hedge funds and other institutional investors 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.