Paylocity (NASDAQ:PCTY) had its price objective trimmed by Raymond James from $240.00 to $205.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.
A number of other research firms have also recently weighed in on PCTY. Wolfe Research initiated coverage on shares of Paylocity in a research note on Wednesday, April 28th. They set a peer perform rating and a $200.00 price target on the stock. KeyCorp decreased their price objective on shares of Paylocity from $230.00 to $220.00 and set an overweight rating on the stock in a research report on Monday, May 10th. They noted that the move was a valuation call. Citigroup boosted their price objective on shares of Paylocity from $210.00 to $217.00 and gave the stock a neutral rating in a research report on Friday, February 5th. Zacks Investment Research lowered shares of Paylocity from a buy rating to a hold rating and set a $224.00 price objective on the stock. in a research report on Wednesday, February 10th. Finally, JMP Securities boosted their price objective on shares of Paylocity from $195.00 to $220.00 and gave the stock an outperform rating in a research report on Tuesday, January 26th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $197.94.
NASDAQ:PCTY opened at $162.87 on Thursday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.26. Paylocity has a fifty-two week low of $109.35 and a fifty-two week high of $218.34. The stock has a market cap of $8.87 billion, a PE ratio of 144.13, a price-to-earnings-growth ratio of 12.76 and a beta of 1.36. The firm’s fifty day simple moving average is $184.27 and its 200-day simple moving average is $191.79.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Paylocity by 1.9% during the 1st quarter. BlackRock Inc. now owns 3,632,025 shares of the software maker’s stock worth $653,146,000 after acquiring an additional 66,386 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Paylocity by 5.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,080,759 shares of the software maker’s stock worth $194,353,000 after acquiring an additional 51,334 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Paylocity by 3.3% during the 1st quarter. Franklin Resources Inc. now owns 1,079,418 shares of the software maker’s stock worth $194,111,000 after acquiring an additional 34,695 shares during the period. Conestoga Capital Advisors LLC lifted its holdings in shares of Paylocity by 0.6% during the 1st quarter. Conestoga Capital Advisors LLC now owns 695,365 shares of the software maker’s stock worth $125,047,000 after acquiring an additional 4,104 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Paylocity by 140.3% during the 1st quarter. TimesSquare Capital Management LLC now owns 611,465 shares of the software maker’s stock worth $109,960,000 after acquiring an additional 356,975 shares during the period. Institutional investors and hedge funds own 68.69% of the company’s stock.
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll module that enables clients to automate key payroll processes and manage compliance; Core HR module, which provides a set of HR capabilities enabling clients to manage HR data; and Talent module that enable clients to manage their talent throughout employees' tenures, starting at recruiting and carrying through onboarding, learning, and performance management.
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