Paylocity (NASDAQ:PCTY) Hits New 1-Year Low – Here’s What Happened

Paylocity Holding Corporation (NASDAQ:PCTY)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $111.91 and last traded at $112.31, with a volume of 1539846 shares changing hands. The stock had previously closed at $117.85.

Analyst Upgrades and Downgrades

PCTY has been the subject of several recent research reports. Jefferies Financial Group cut their target price on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a report on Friday. Citizens Jmp cut their price objective on shares of Paylocity from $245.00 to $170.00 and set a “market outperform” rating for the company in a report on Friday. Stephens set a $160.00 target price on shares of Paylocity in a research note on Friday, January 16th. Stifel Nicolaus dropped their target price on Paylocity from $188.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Guggenheim upgraded Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 price target for the company in a research note on Monday, November 10th. Sixteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $183.14.

Paylocity Stock Performance

The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 26.43, a P/E/G ratio of 3.47 and a beta of 0.54. The firm’s 50-day moving average is $144.58 and its two-hundred day moving average is $155.95. The company has a current ratio of 1.04, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, February 5th. The software maker reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.28. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The company had revenue of $416.13 million for the quarter, compared to analysts’ expectations of $408.37 million. During the same period in the previous year, the firm posted $1.52 EPS. Paylocity’s revenue was up 10.4% compared to the same quarter last year. As a group, sell-side analysts expect that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

Insider Activity at Paylocity

In related news, CFO Ryan Glenn sold 1,737 shares of the stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total value of $249,520.05. Following the completion of the transaction, the chief financial officer directly owned 77,229 shares of the company’s stock, valued at approximately $11,093,945.85. This represents a 2.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 19.40% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Large investors have recently modified their holdings of the business. Millennium Management LLC lifted its stake in shares of Paylocity by 97.7% in the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after buying an additional 369,975 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Paylocity in the 3rd quarter valued at about $104,657,000. Dimensional Fund Advisors LP lifted its stake in Paylocity by 14.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 616,747 shares of the software maker’s stock worth $98,237,000 after purchasing an additional 76,603 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Paylocity by 22.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after purchasing an additional 100,400 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its position in shares of Paylocity by 61.3% in the third quarter. Qube Research & Technologies Ltd now owns 552,313 shares of the software maker’s stock valued at $87,967,000 after purchasing an additional 209,897 shares in the last quarter. Hedge funds and other institutional investors 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.