Investment analysts at Dougherty & Co initiated coverage on shares of Paylocity (NASDAQ:PCTY) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set a “neutral” rating on the software maker’s stock.
PCTY has been the subject of several other reports. TheStreet upgraded shares of Paylocity from a “c” rating to a “b-” rating in a research report on Friday, November 3rd. Northland Securities reiterated a “buy” rating and issued a $55.00 target price on shares of Paylocity in a research report on Sunday, September 10th. Bank of America upped their target price on shares of Paylocity from $50.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Robert W. Baird upped their target price on shares of Paylocity from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, November 3rd. Finally, Mizuho reissued a “hold” rating and issued a $45.00 price target on shares of Paylocity in a research note on Thursday, October 12th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $52.92.
Shares of Paylocity (NASDAQ:PCTY) traded down $1.30 during trading hours on Tuesday, reaching $46.88. 207,735 shares of the company traded hands, compared to its average volume of 293,281. Paylocity has a one year low of $29.69 and a one year high of $53.96. The stock has a market capitalization of $2,501.90, a price-to-earnings ratio of 216.54, a PEG ratio of 6.14 and a beta of 2.11.
In other news, CEO Steven R. Beauchamp sold 5,470 shares of the company’s stock in a transaction dated Friday, October 6th. The shares were sold at an average price of $50.09, for a total transaction of $273,992.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 23,530 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $50.25, for a total transaction 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 $113,262,394.50. The disclosure for this sale can be found here. Insiders sold 1,429,734 shares of company stock valued at $66,231,695 over the last three months. 48.80% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Paylocity by 3.8% during the second quarter. Vanguard Group Inc. now owns 2,070,015 shares of the software maker’s stock valued at $93,524,000 after acquiring an additional 75,709 shares during the last quarter. FMR LLC raised its stake in shares of Paylocity by 5.2% during the second quarter. FMR LLC now owns 1,963,017 shares of the software maker’s stock valued at $88,689,000 after acquiring an additional 97,368 shares during the last quarter. TimesSquare Capital Management LLC raised its stake in shares of Paylocity by 4.7% during the third quarter. TimesSquare Capital Management LLC now owns 1,042,500 shares of the software maker’s stock valued at $50,895,000 after acquiring an additional 46,950 shares during the last quarter. Wasatch Advisors Inc. raised its stake in shares of Paylocity by 8.0% during the second quarter. Wasatch Advisors Inc. now owns 863,765 shares of the software maker’s stock valued at $39,025,000 after acquiring an additional 64,268 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Paylocity during the second quarter valued at about $29,148,000. 59.78% of the stock is owned by hedge funds and other institutional investors.
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Paylocity Company Profile
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.
