Paylocity (NASDAQ:PCTY) Shares Down 7.3%

Paylocity Holding Corp (NASDAQ:PCTY) shares traded down 7.3% during trading on Monday . The company traded as low as $90.05 and last traded at $92.37, 520,104 shares traded hands during mid-day trading. An increase of 60% from the average session volume of 324,475 shares. The stock had previously closed at $99.68.

Several research firms have recently issued reports on PCTY. JMP Securities raised their price target on Paylocity to $115.00 and gave the stock a “market perform” rating in a research report on Monday, July 22nd. Jefferies Financial Group raised their price target on Paylocity from $85.00 to $103.00 and gave the stock a “hold” rating in a research report on Friday, May 3rd. Craig Hallum restated a “hold” rating and issued a $97.00 price target (up from $78.00) on shares of Paylocity in a research report on Friday, May 3rd. KeyCorp raised their price target on Paylocity from $112.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday, July 29th. Finally, Raymond James raised their price target on Paylocity from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, May 17th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $93.14.

The firm’s 50 day moving average price is $100.99. The stock has a market capitalization of $4.89 billion, a PE ratio of 297.97, a price-to-earnings-growth ratio of 5.53 and a beta of 1.69.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.19. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The firm had revenue of $139.60 million for the quarter, compared to the consensus estimate of $135.97 million. During the same quarter last year, the business posted $0.71 EPS. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities analysts anticipate that Paylocity Holding Corp will post 0.56 EPS for the current year.

In other Paylocity news, SVP Edward W. Gaty sold 7,768 shares of Paylocity stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $97.54, for a total value of $757,690.72. Following the sale, the senior vice president now owns 126,392 shares of the company’s stock, valued at approximately $12,328,275.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 55,000 shares of Paylocity stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $96.40, for a total value of $5,302,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,881,682 shares in the company, valued at approximately $181,394,144.80. The disclosure for this sale can be found here. Insiders sold a total of 285,192 shares of company stock worth $27,120,606 in the last three months. Company insiders own 41.20% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PCTY. Norges Bank acquired a new stake in shares of Paylocity in the fourth quarter valued at about $12,819,000. Wasatch Advisors Inc. increased its position in shares of Paylocity by 9.3% in the first quarter. Wasatch Advisors Inc. now owns 2,008,033 shares of the software maker’s stock valued at $179,096,000 after acquiring an additional 171,514 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Paylocity in the first quarter valued at about $13,600,000. Federated Investors Inc. PA increased its position in shares of Paylocity by 380.6% in the first quarter. Federated Investors Inc. PA now owns 190,223 shares of the software maker’s stock valued at $16,966,000 after acquiring an additional 150,642 shares during the last quarter. Finally, FMR LLC increased its position in shares of Paylocity by 19.5% in the fourth quarter. FMR LLC now owns 846,032 shares of the software maker’s stock valued at $50,940,000 after acquiring an additional 138,231 shares during the last quarter. 64.22% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity (NASDAQ:PCTY)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

Further Reading: Why is the conference call important?

Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.