Paylocity (NASDAQ:PCTY) Trading Down 8.5% – What’s Next?

Paylocity Holding Corporation (NASDAQ:PCTY)’s share price was down 8.5% during trading on Thursday . The company traded as low as $134.50 and last traded at $132.5520. 85,951 shares were traded during trading, a decline of 89% from the average session volume of 807,049 shares. The stock had previously closed at $144.79.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. UBS Group raised their target price on Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Zacks Research downgraded Paylocity from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Barclays increased their price objective on Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Weiss Ratings restated a “sell (d+)” rating on shares of Paylocity in a report on Tuesday, July 21st. Finally, Stephens lowered their target price on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Friday, May 8th. Twelve equities research 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $151.88.

Paylocity Price Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. The stock’s 50 day simple moving average is $115.60 and its two-hundred day simple moving average is $114.59. The firm has a market capitalization of $7.38 billion, a PE ratio of 29.40 and a beta of 0.52.

Insider Activity

In related news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Flagship Harbor Advisors LLC acquired a new stake in shares of Paylocity in the 4th quarter worth $27,000. Los Angeles Capital Management LLC acquired a new position in shares of Paylocity during the 4th quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in shares of Paylocity during the 3rd quarter valued at about $38,000. Optiver Holding B.V. grew its holdings in shares of Paylocity by 5,925.0% in the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares during the period. Finally, Basecamp Wealth Advisors LLC grew its holdings in shares of Paylocity by 4,250.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after purchasing an additional 255 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.