Paylocity (NASDAQ:PCTY) Shares Down 8.5% – Here’s What Happened

Shares of Paylocity Holding Corporation (NASDAQ:PCTY) traded down 8.5% on Thursday . The company traded as low as $134.50 and last traded at $132.5520. Approximately 85,951 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 807,049 shares. The stock had previously closed at $144.79.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. BMO Capital Markets lifted their price objective on Paylocity from $135.00 to $143.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Citigroup raised their target price on Paylocity from $133.00 to $136.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Barclays boosted their target price on Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Zacks Research cut Paylocity from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Stephens cut their price target on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $151.88.

Paylocity Trading Down 7.1%

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 28.76 and a beta of 0.52. The business has a 50 day simple moving average of $114.60 and a 200-day simple moving average of $114.52.

Insider Buying and Selling at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president owned 17,679 shares in the company, valued at $2,033,968.95. The trade was a 4.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several hedge funds have recently bought and sold shares of the stock. Flagship Harbor Advisors LLC acquired a new position in shares of Paylocity in the fourth quarter valued at approximately $27,000. Los Angeles Capital Management LLC acquired a new stake in shares of Paylocity during the fourth quarter worth $30,000. Advisory Services Network LLC bought a new stake in Paylocity in the 3rd quarter valued at $38,000. Optiver Holding B.V. lifted its position in Paylocity by 5,925.0% in the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after acquiring an additional 237 shares in the last quarter. Finally, Basecamp Wealth Advisors LLC boosted its stake in Paylocity by 4,250.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock worth $28,000 after purchasing an additional 255 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.