Paylocity Holding Corporation (PCTY) Receives “Market Perform” Rating from Wells Fargo & Company

Paylocity Holding Corporation (NASDAQ:PCTY)‘s stock had its “market perform” rating reissued by Wells Fargo & Company in a research note issued on Friday, May 12th.

PCTY has been the topic of several other reports. Zacks Investment Research upgraded Paylocity Holding Corporation from a “hold” rating to a “strong-buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, May 10th. Bank of America Corporation upgraded Paylocity Holding Corporation from an “underperform” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Friday, February 3rd. Mizuho initiated coverage on Paylocity Holding Corporation in a research report on Friday, March 3rd. They set a “neutral” rating and a $35.00 price target on the stock. Pacific Crest reiterated a “hold” rating on shares of Paylocity Holding Corporation in a research note on Thursday, May 4th. Finally, Royal Bank Of Canada upgraded Paylocity Holding Corporation from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $38.00 to $47.00 in a research note on Tuesday, March 28th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $48.50.

Analyst Recommendations for Paylocity Holding Corporation (NASDAQ:PCTY)

Shares of Paylocity Holding Corporation (PCTY) traded up 0.51% during mid-day trading on Friday, hitting $47.25. 360,751 shares of the company were exchanged. Paylocity Holding Corporation has a 12-month low of $29.69 and a 12-month high of $49.65. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of 472.50 and a beta of 2.27. The firm has a 50 day moving average of $45.13 and a 200 day moving average of $37.39.

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In other Paylocity Holding Corporation news, CFO Peter J. Mcgrail sold 49,764 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $47.27, for a total transaction of $2,352,344.28. Following the completion of the sale, the chief financial officer now owns 227,475 shares of the company’s stock, valued at $10,752,743.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 172,699 shares of the business’s stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $44.37, for a total value of $7,662,654.63. Following the sale, the director now directly owns 16,337,902 shares of the company’s stock, valued at approximately $724,912,711.74. The disclosure for this sale can be found here. In the last quarter, insiders have sold 434,537 shares of company stock valued at $18,990,191. 53.10% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in Paylocity Holding Corporation by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock worth $130,000 after buying an additional 764 shares during the period. Invictus RG acquired a new position in Paylocity Holding Corporation during the first quarter worth $198,000. Independent Portfolio Consultants Inc. raised its position in Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock worth $232,000 after buying an additional 1,655 shares during the period. Pacad Investment Ltd. raised its position in Paylocity Holding Corporation by 73.1% in the fourth quarter. Pacad Investment Ltd. now owns 7,616 shares of the software maker’s stock worth $229,000 after buying an additional 3,216 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new position in Paylocity Holding Corporation during the first quarter worth $300,000. 63.72% of the stock is owned by hedge funds and other institutional investors.

Paylocity Holding Corporation Company Profile

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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