Paylocity Holding Co. (NASDAQ:PCTY – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $178.00 to $155.00. Citigroup currently has a neutral rating on the stock. Paylocity traded as low as $135.57 and last traded at $136.56, with a volume of 90030 shares. The stock had previously closed at $137.97.
Other analysts have also recently issued research reports about the company. Robert W. Baird dropped their target price on Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research report on Tuesday. Piper Sandler dropped their target price on Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, May 3rd. Stifel Nicolaus dropped their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Finally, KeyCorp raised their price objective on Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $194.29.
Insider Buying and Selling
In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now directly owns 4,751 shares in the company, valued at approximately $659,106.23. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 22.50% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Paylocity
Several institutional investors have recently bought and sold shares of PCTY. Sei Investments Co. boosted its holdings in shares of Paylocity by 25.2% during the 4th quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock worth $31,654,000 after purchasing an additional 38,613 shares during the last quarter. Evoke Wealth LLC purchased a new stake in shares of Paylocity during the 4th quarter valued at approximately $2,507,000. Nordea Investment Management AB raised its position in shares of Paylocity by 195.8% during the 3rd quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker’s stock valued at $1,156,000 after buying an additional 4,157 shares during the period. Wells Fargo & Company MN raised its position in shares of Paylocity by 274.8% during the 4th quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock valued at $10,717,000 after buying an additional 47,663 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Paylocity by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock valued at $753,012,000 after buying an additional 25,562 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Paylocity Stock Performance
The stock has a market cap of $7.55 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 2.54 and a beta of 0.90. The company’s 50-day moving average price is $155.96 and its 200 day moving average price is $161.52.
Paylocity (NASDAQ:PCTY – Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.28 by $0.29. The firm had revenue of $401.28 million for the quarter, compared to analyst estimates of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. As a group, equities research analysts predict that Paylocity Holding Co. will post 3.95 earnings per share for the current fiscal year.
About Paylocity
Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.