Paylocity (NASDAQ:PCTY) Shares Gap Down on Analyst Downgrade

Shares of Paylocity Holding Co. (NASDAQ:PCTYGet Free Report) gapped down before the market opened on Friday after Truist Financial lowered their price target on the stock from $250.00 to $200.00. The stock had previously closed at $171.91, but opened at $160.00. Truist Financial currently has a buy rating on the stock. Paylocity shares last traded at $166.19, with a volume of 425,416 shares traded.

Other equities research analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 31st. Piper Sandler boosted their price target on shares of Paylocity from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research report on Monday, January 22nd. UBS Group initiated coverage on Paylocity in a research note on Tuesday, November 7th. They issued a “neutral” rating and a $160.00 price target on the stock. Finally, Mizuho dropped their price target on Paylocity from $170.00 to $155.00 and set a “neutral” rating on the stock in a research note on Friday. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $207.47.

View Our Latest Analysis on PCTY

Insider Activity at Paylocity

In related news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction that occurred 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 completion of 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 this link. In the last quarter, insiders sold 1,622 shares of company stock valued at $262,902. 22.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Several large investors have recently made changes to their positions in the company. American National Bank acquired a new stake in Paylocity in the 4th quarter worth approximately $31,000. GAMMA Investing LLC acquired a new position in shares of Paylocity during the fourth quarter worth approximately $36,000. Principal Securities Inc. acquired a new position in shares of Paylocity during the fourth quarter worth approximately $41,000. RiverPark Advisors LLC acquired a new position in shares of Paylocity during the third quarter worth approximately $43,000. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Paylocity by 89.6% during the third quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker’s stock worth $43,000 after buying an additional 112 shares during the last quarter. Institutional investors own 73.65% of the company’s stock.

Paylocity Price Performance

The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 56.13, a price-to-earnings-growth ratio of 2.97 and a beta of 0.89. The business has a fifty day moving average price of $160.08 and a 200 day moving average price of $176.42.

About Paylocity

(Get Free Report)

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.

Further Reading

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