Paylocity (NASDAQ:PCTY) Sets New 1-Year Low – Should You Sell?

Paylocity Holding Corporation (NASDAQ:PCTY) hit a new 52-week low during trading on Thursday . The company traded as low as $132.58 and last traded at $131.3630, with a volume of 101269 shares trading hands. The stock had previously closed at $140.69.

Analyst Ratings Changes

Several research firms have commented on PCTY. Stephens set a $160.00 target price on shares of Paylocity in a research report on Friday, January 16th. Zacks Research raised shares of Paylocity from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Citigroup boosted their target price on Paylocity from $175.00 to $179.00 and gave the stock a “buy” rating in a report on Tuesday, December 23rd. JMP Securities set a $245.00 price objective on Paylocity in a research note on Wednesday, November 5th. Finally, BTIG Research assumed coverage on Paylocity in a research note on Tuesday, December 16th. They set a “buy” rating and a $180.00 target price for the company. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $204.05.

Paylocity Stock Up 2.1%

The business has a 50-day simple moving average of $147.29 and a two-hundred day simple moving average of $158.85. The stock has a market capitalization of $7.34 billion, a P/E ratio of 33.83, a PEG ratio of 3.89 and a beta of 0.56.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.23. The company had revenue of $408.17 million during the quarter, compared to analysts’ expectations of $399.53 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.The business’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business earned $1.66 earnings per share. On average, sell-side analysts forecast that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

Insider Buying and Selling at Paylocity

In other news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction that occurred on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total value of $249,520.05. Following the completion of the transaction, the chief financial officer owned 77,229 shares in the company, valued at approximately $11,093,945.85. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 19.40% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. bought a new stake in shares of Paylocity during the third quarter worth $104,657,000. AQR Capital Management LLC grew its holdings in Paylocity by 500.6% during the 2nd quarter. AQR Capital Management LLC now owns 449,935 shares of the software maker’s stock worth $81,438,000 after acquiring an additional 375,023 shares during the last quarter. Millennium Management LLC increased its position in Paylocity by 97.7% in the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock valued at $119,262,000 after acquiring an additional 369,975 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Paylocity by 311.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker’s stock worth $65,891,000 after acquiring an additional 327,082 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Paylocity by 114.6% during the third quarter. Two Sigma Investments LP now owns 516,798 shares of the software maker’s stock worth $82,310,000 after purchasing an additional 275,959 shares in the last quarter. 94.76% of the stock is 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.