Paylocity (NASDAQ:PCTY) Shares Down 8.5% - Here's What Happened

Key Points

• Paylocity shares fell 8.5% to approximately $132.55 in midday trading, with volume down 89% from the average session.
• Analyst sentiment remains generally positive: 12 analysts rate the stock a Buy, four rate it Hold, and one rates it Sell. The consensus rating is “Moderate Buy,” with an average price target of $151.88, although several firms recently lowered their targets.
• Institutional investors own 94.76% of Paylocity, while insiders own 19.40%; senior vice president Andrew Cappotelli recently sold 899 shares under a pre-arranged Rule 10b5-1 trading plan.

Shares of Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) were down 8.5% during mid-day trading on Thursday . The stock traded as low as $134.50 and last traded at $132.5520. 85,951 shares traded hands during trading, a decline of 89% from the average session volume of 807,049 shares. The stock had previously closed at $144.79.

Wall Street Analyst Weigh In

PCTY has been the topic of a number of recent analyst reports. TD Cowen reduced their price target on shares of Paylocity from $155.00 to $137.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Citigroup lifted their target price on shares of Paylocity from $133.00 to $136.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Stephens reduced their target price on Paylocity from $160.00 to $120.00 and set an "equal weight" rating on the stock in a report on Friday, May 8th. Barclays raised their price target on Paylocity from $120.00 to $128.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Paylocity in a research report on Tuesday, July 21st. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $151.88.

Paylocity Stock Performance

The stock's 50 day simple moving average is $114.60 and its two-hundred day simple moving average is $114.52. The company has a market capitalization of $7.20 billion, a P/E ratio of 28.76 and a beta of 0.52. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president owned 17,679 shares of the company's stock, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the company. Optiver Holding B.V. lifted its stake in shares of Paylocity by 5,925.0% during the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker's stock valued at $26,000 after acquiring an additional 237 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in Paylocity in the fourth quarter worth about $27,000. Basecamp Wealth Advisors LLC raised its holdings in Paylocity by 4,250.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker's stock worth $28,000 after purchasing an additional 255 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in Paylocity during the 4th quarter worth about $30,000. Finally, Elevation Wealth Partners LLC lifted its position in Paylocity by 500.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker's stock valued at $36,000 after purchasing an additional 285 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

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.

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