Paylocity (NASDAQ:PCTY) Shares Gap Down to $160.51

Shares of Paylocity Holding Co. (NASDAQ:PCTY) gapped down before the market opened on Thursday . The stock had previously closed at $160.51, but opened at $154.89. Paylocity shares last traded at $154.22, with a volume of 39,420 shares.

Analysts Set New Price Targets

PCTY has been the topic of several research reports. Barclays cut their target price on Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Stifel Nicolaus reduced their price objective on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. TD Cowen dropped their target price on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 20th. Citigroup reduced their price target on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. Finally, KeyCorp dropped their price objective on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a research report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.13.

Paylocity Trading Down 1.0 %

The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 44.68, a price-to-earnings-growth ratio of 3.91 and a beta of 0.94. The stock has a 50-day simple moving average of $148.65 and a 200-day simple moving average of $155.82.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The firm had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 EPS. On average, research analysts forecast that Paylocity Holding Co. will post 4.51 EPS for the current year.

Insider Transactions at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the transaction, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,173 shares of company stock worth $7,296,388. 22.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paylocity

Several large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. increased its holdings in shares of Paylocity by 25.2% in the 4th quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock worth $31,654,000 after acquiring an additional 38,613 shares during the period. Evoke Wealth LLC acquired a new stake in shares of Paylocity in the fourth quarter valued at approximately $2,507,000. Wells Fargo & Company MN raised its holdings in shares of Paylocity by 274.8% during the fourth 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 last quarter. FORA Capital LLC bought a new position in Paylocity in the 1st quarter worth approximately $1,540,000. Finally, Royal London Asset Management Ltd. acquired a new stake in Paylocity in the 4th quarter valued at approximately $1,938,000. 94.76% of the stock is owned by institutional investors and hedge funds.

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.