BidaskClub upgraded shares of Paylocity (NASDAQ:PCTY) from a buy rating to a strong-buy rating in a research report released on Thursday morning.
Several other research firms have also recently weighed in on PCTY. SunTrust Banks raised Paylocity from a hold rating to a buy rating and cut their price objective for the company from $52.72 to $45.00 in a research report on Monday, March 12th. Zacks Investment Research cut Paylocity from a hold rating to a sell rating in a research report on Wednesday. Dougherty & Co assumed coverage on Paylocity in a research report on Tuesday, December 19th. They issued a neutral rating on the stock. First Analysis boosted their price target on Paylocity from $63.00 to $65.00 and gave the stock an overweight rating in a research report on Monday, March 19th. Finally, Needham & Company LLC reissued a buy rating and issued a $65.00 price target (up from $60.00) on shares of Paylocity in a research report on Thursday, March 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $54.57.
Shares of NASDAQ PCTY traded down $1.01 during trading hours on Thursday, hitting $53.67. The company’s stock had a trading volume of 24,735 shares, compared to its average volume of 259,981. The stock has a market capitalization of $2,820.09, a PE ratio of 359.20, a PEG ratio of 8.06 and a beta of 2.00. Paylocity has a 12 month low of $37.91 and a 12 month high of $57.16.
In related news, CEO Steven R. Beauchamp sold 10,042 shares of the company’s stock in a transaction on Thursday, January 18th. The shares were sold at an average price of $50.09, for a total value of $503,003.78. Following the completion of the transaction, the chief executive officer now owns 2,180,425 shares of the company’s stock, valued at approximately $109,217,488.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ellen Carnahan bought 1,380 shares of the company’s stock in a transaction that occurred on Friday, March 16th. The stock was purchased at an average cost of $53.91 per share, with a total value of $74,395.80. Following the acquisition, the director now directly owns 7,908 shares in the company, valued at approximately $426,320.28. The disclosure for this purchase can be found here. In the last three months, insiders have sold 290,927 shares of company stock valued at $13,750,422. Insiders own 48.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in shares of Paylocity by 1.7% during the 4th quarter. BlackRock Inc. now owns 1,821,962 shares of the software maker’s stock valued at $85,924,000 after purchasing an additional 30,155 shares during the last quarter. Fred Alger Management Inc. boosted its holdings in shares of Paylocity by 12.1% during the 4th quarter. Fred Alger Management Inc. now owns 1,163,567 shares of the software maker’s stock valued at $54,874,000 after purchasing an additional 125,664 shares during the last quarter. TimesSquare Capital Management LLC raised its position in shares of Paylocity by 7.5% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,120,400 shares of the software maker’s stock valued at $52,838,000 after buying an additional 77,900 shares in the last quarter. Wasatch Advisors Inc. raised its position in shares of Paylocity by 24.4% during the 4th quarter. Wasatch Advisors Inc. now owns 1,071,943 shares of the software maker’s stock valued at $50,553,000 after buying an additional 210,556 shares in the last quarter. Finally, Standard Life Aberdeen plc purchased a new stake in shares of Paylocity during the 4th quarter valued at about $46,616,000. 62.61% of the stock is owned by institutional investors and hedge funds.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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