Paylocity Holding Corporation (NASDAQ:PCTY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday, July 4th.
According to Zacks, “In the recently released quarterly results for the third quarter of fiscal 2017, Paylocity witnessed strong year over year growth in top and bottom lines. Buoyed by splendid quarterly performance, Paylocity raised its outlook for the current fiscal. We remain positive about Paylocity’s regular investments in SaaS technology. For the last few quarters, clients moving from traditional payroll service providers to the company’s SaaS-based services contributed significantly to its revenues. Hence, regular investments in technological upgrades, along with product innovation, will continue to boost the company’s top line. Such initiatives should also drive its forthcoming results. Also, higher adoption of Paylocity’s ACA dashboard application, specializing in tracking employee count, employee status and health care plan affordability, will act as a tailwind. Paylocity has outperformed the broader market in the last one year.”
Several other brokerages have also issued reports on PCTY. ValuEngine upgraded Paylocity Holding Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. SunTrust Banks, Inc. started coverage on Paylocity Holding Corporation in a research report on Monday, June 26th. They set a “hold” rating and a $45.00 target price for the company. Needham & Company LLC boosted their price target on Paylocity Holding Corporation from $46.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Royal Bank Of Canada boosted their price target on Paylocity Holding Corporation from $47.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, May 25th. Finally, Deutsche Bank AG boosted their price target on Paylocity Holding Corporation from $55.00 to $60.00 and gave the company a “buy” rating in a report on Monday, May 15th. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $48.82.
Shares of Paylocity Holding Corporation (NASDAQ PCTY) traded down 0.52% during midday trading on Tuesday, reaching $46.32. The company’s stock had a trading volume of 139,186 shares. Paylocity Holding Corporation has a 12-month low of $29.69 and a 12-month high of $49.65. The company has a market capitalization of $2.39 billion, a P/E ratio of 463.20 and a beta of 2.28. The company’s 50-day moving average price is $46.49 and its 200 day moving average price is $40.48.
In other news, Director Steven I. Sarowitz sold 27,301 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $45.05, for a total transaction of $1,229,910.05. Following the transaction, the director now directly owns 16,250,729 shares of the company’s stock, valued at $732,095,341.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Peter J. Mcgrail sold 49,764 shares of the company’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $47.27, for a total value of $2,352,344.28. Following the completion of the transaction, the chief financial officer now directly owns 227,475 shares in the company, valued at $10,752,743.25. The disclosure for this sale can be found here. Insiders sold 355,021 shares of company stock valued at $15,942,057 in the last three months. 53.10% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can increased its position in Paylocity Holding Corporation by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock valued at $130,000 after buying an additional 764 shares during the last quarter. Invictus RG purchased a new position in Paylocity Holding Corporation during the first quarter valued at about $198,000. Independent Portfolio Consultants Inc. increased its position in Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock valued at $232,000 after buying an additional 1,655 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in Paylocity Holding Corporation during the second quarter valued at about $287,000. Finally, Sheets Smith Wealth Management purchased a new position in Paylocity Holding Corporation during the second quarter valued at about $303,000. 63.68% of the stock is currently owned by hedge funds and other institutional investors.
Paylocity Holding Corporation 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.
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