Paylocity (PCTY) Given Outperform Rating at William Blair
PCTY has been the topic of several other research reports. TheStreet raised Paylocity from a c rating to a b- rating in a report on Friday, November 3rd. Bank of America raised their price target on Paylocity from $50.00 to $56.00 and gave the company a buy rating in a report on Tuesday, October 24th. Zacks Investment Research raised Paylocity from a hold rating to a buy rating and set a $53.00 price target on the stock in a report on Tuesday, January 2nd. BidaskClub raised Paylocity from a sell rating to a hold rating in a report on Tuesday, December 19th. Finally, Dougherty & Co started coverage on Paylocity in a report on Tuesday, December 19th. They issued a neutral rating on the stock. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Paylocity has an average rating of Buy and an average price target of $52.92.
Paylocity (NASDAQ:PCTY) opened at $44.25 on Friday. Paylocity has a 12 month low of $33.67 and a 12 month high of $53.96. The company has a market capitalization of $2,315.09, a PE ratio of 201.14, a price-to-earnings-growth ratio of 5.77 and a beta of 2.09.
In related news, CEO Steven R. Beauchamp sold 10,042 shares of the firm’s stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $50.09, for a total transaction of $503,003.78. Following the transaction, the chief executive officer now directly owns 2,180,425 shares of the company’s stock, valued at approximately $109,217,488.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 1,296,142 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $46.14, for a total value of $59,803,991.88. Following the transaction, the director now directly owns 15,343,130 shares in the company, valued at $707,932,018.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,369,846 shares of company stock worth $63,474,241. 48.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd purchased a new position in Paylocity in the 4th quarter worth approximately $342,000. Standard Life Aberdeen plc purchased a new position in Paylocity in the 4th quarter worth approximately $46,616,000. Brown Advisory Inc. increased its stake in Paylocity by 57.6% in the 4th quarter. Brown Advisory Inc. now owns 354,175 shares of the software maker’s stock worth $16,703,000 after purchasing an additional 129,437 shares during the period. Royce & Associates LP increased its stake in Paylocity by 9.2% in the 4th quarter. Royce & Associates LP now owns 142,786 shares of the software maker’s stock worth $6,734,000 after purchasing an additional 12,000 shares during the period. Finally, UBS Asset Management Americas Inc. increased its stake in Paylocity by 8.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 17,270 shares of the software maker’s stock worth $814,000 after purchasing an additional 1,339 shares during the period. 60.47% of the stock is currently owned by institutional investors.
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Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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