Paylocity (NASDAQ:PCTY) Stock Rating Lowered by Zacks Research

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

Other analysts have also recently issued research reports about the stock. Citizens Jmp dropped their target price on shares of Paylocity from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Friday, May 8th. TD Cowen decreased their price target on shares of Paylocity from $155.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, June 26th. Barclays increased their price target on shares of Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “sell (d+)” rating on shares of Paylocity in a research note on Tuesday, July 21st. Finally, Raymond James Financial set a $140.00 price objective on shares of Paylocity in a research note on Friday, May 8th. Thirteen 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, Paylocity presently has an average rating of “Moderate Buy” and an average price target of $151.88.

Paylocity Trading Up 6.5%

PCTY opened at $138.68 on Monday. The stock has a market cap of $7.42 billion, a PE ratio of 29.57 and a beta of 0.52. The business has a 50 day moving average of $113.96 and a 200-day moving average of $114.58. Paylocity has a 52 week low of $92.99 and a 52 week high of $197.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the sale, the senior vice president directly 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 SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 19.40% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Large investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new stake in Paylocity during the 3rd quarter valued at about $104,657,000. Norges Bank bought a new position in shares of Paylocity in the fourth quarter worth approximately $88,428,000. Morgan Stanley lifted its stake in shares of Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after buying an additional 442,218 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after buying an additional 404,605 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Paylocity by 261.2% during the fourth quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker’s stock valued at $81,509,000 after buying an additional 386,494 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.