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

Paylocity (NASDAQ:PCTY) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

A number of other equities analysts have also weighed in on the company. Citigroup boosted their target price on Paylocity from $133.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Paylocity in a research note on Tuesday, July 21st. Stephens reduced their price target on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. UBS Group boosted their price objective on shares of Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Finally, TD Cowen lowered their price objective on shares of Paylocity from $155.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, June 26th. Thirteen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and an average target price of $151.88.

Paylocity Trading Up 6.5%

Shares of NASDAQ:PCTY opened at $138.68 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08. Paylocity has a 1 year low of $92.99 and a 1 year high of $197.78. The company has a market cap of $7.42 billion, a P/E ratio of 29.57 and a beta of 0.52. The stock’s fifty day moving average price is $113.96 and its 200-day moving average price is $114.58.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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

A number of large investors have recently made changes to their positions in PCTY. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Paylocity by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker’s stock worth $25,551,000 after buying an additional 7,594 shares during the last quarter. Focus Partners Wealth grew its position in Paylocity by 24.5% during the first quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock valued at $256,000 after buying an additional 269 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Paylocity by 537.0% during the second quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock valued at $84,000 after buying an additional 392 shares during the last quarter. Marshall Wace LLP increased its holdings in Paylocity by 2,782.7% during the second quarter. Marshall Wace LLP now owns 35,688 shares of the software maker’s stock valued at $6,466,000 after buying an additional 34,450 shares during the last quarter. Finally, Cerity Partners LLC raised its position in Paylocity by 10.0% in the second quarter. Cerity Partners LLC now owns 19,241 shares of the software maker’s stock worth $3,486,000 after acquiring an additional 1,749 shares during the period. 94.76% of the stock is currently owned by institutional investors.

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.