Paylocity (NASDAQ:PCTY) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Paylocity (NASDAQ:PCTY) from a strong-buy rating to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other research firms also recently commented on PCTY. BMO Capital Markets upped their price objective on Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Citigroup boosted their target price on Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Paylocity in a research report on Tuesday, July 21st. Jefferies Financial Group set a $135.00 price target on Paylocity in a research note on Saturday, May 9th. Finally, Wall Street Zen cut Paylocity from a “buy” rating to a “hold” rating in a research note on Saturday, July 4th. Thirteen equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $151.88.

Paylocity Trading Up 6.5%

NASDAQ PCTY opened at $138.68 on Monday. The business’s fifty day moving average is $113.96 and its 200-day moving average is $114.58. 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 $7.42 billion, a price-to-earnings ratio of 29.57 and a beta of 0.52. Paylocity has a one year low of $92.99 and a one year high of $197.78.

Insiders Place Their Bets

In related news, SVP Andrew Cappotelli sold 899 shares of the company’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 transaction of $103,429.95. Following the sale, the senior vice president owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 19.40% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its holdings in shares of Paylocity by 75.1% in the 4th quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock valued at $143,747,000 after acquiring an additional 404,605 shares in the last quarter. Morgan Stanley raised its position in shares of Paylocity by 117.9% during the 4th quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after buying an additional 442,218 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Paylocity by 97.7% during the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after acquiring an additional 369,975 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Paylocity by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock worth $100,570,000 after acquiring an additional 42,725 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in Paylocity in the third quarter valued at $104,657,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

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.