Paylocity Holding Co. (NASDAQ:PCTY – Get Free Report) shares gapped down prior to trading on Friday after Mizuho lowered their price target on the stock from $170.00 to $155.00. The stock had previously closed at $171.91, but opened at $160.00. Mizuho currently has a neutral rating on the stock. Paylocity shares last traded at $166.19, with a volume of 425,416 shares trading hands.
PCTY has been the subject of several other reports. Jefferies Financial Group reissued a “hold” rating and set a $180.00 price target (down from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Bank of America began coverage on Paylocity in a research report on Thursday, October 26th. They set a “neutral” rating and a $210.00 price target for the company. StockNews.com cut Paylocity from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Citigroup upped their price objective on Paylocity from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, January 31st. Finally, KeyCorp dropped their price objective on Paylocity from $255.00 to $197.00 and set an “overweight” rating on the stock in a research note on Friday, November 3rd. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $211.06.
Insider Buying and Selling at Paylocity
In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the sale, the chief financial officer now owns 34,152 shares of the company’s stock, valued at approximately $5,582,827.44. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last quarter, insiders have sold 1,622 shares of company stock valued at $262,902. 22.50% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Paylocity
Hedge funds have recently modified their holdings of the company. American National Bank acquired a new stake in shares of Paylocity during the 4th quarter valued at $31,000. GAMMA Investing LLC acquired a new stake in shares of Paylocity during the 4th quarter valued at $36,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Paylocity during the 4th quarter valued at $44,000. RiverPark Advisors LLC acquired a new stake in shares of Paylocity during the 3rd quarter valued at $43,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Paylocity by 89.6% during the 3rd quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker’s stock valued at $43,000 after acquiring an additional 112 shares in the last quarter. Institutional investors and hedge funds own 73.65% of the company’s stock.
Paylocity Trading Down 4.0 %
The firm has a market capitalization of $9.27 billion, a P/E ratio of 64.21, a price-to-earnings-growth ratio of 2.91 and a beta of 0.89. The company has a 50-day moving average of $159.65 and a 200-day moving average of $177.15.
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.