Paylocity (NASDAQ:PCTY) Hits New 12-Month Low – Should You Sell?

Paylocity Holding Corporation (NASDAQ:PCTY) hit a new 52-week low on Tuesday . The company traded as low as $137.57 and last traded at $140.81, with a volume of 865938 shares changing hands. The stock had previously closed at $141.27.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PCTY. UBS Group cut their price target on shares of Paylocity from $195.00 to $183.00 and set a “neutral” rating for the company in a report on Wednesday, September 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $250.00 price objective on shares of Paylocity in a research note on Friday, July 18th. BMO Capital Markets upped their price objective on shares of Paylocity from $226.00 to $230.00 and gave the company an “outperform” rating in a research note on Wednesday, August 6th. Guggenheim initiated coverage on shares of Paylocity in a research note on Thursday, September 25th. They set a “neutral” rating for the company. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Paylocity in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and an average target price of $221.38.

Paylocity Stock Down 0.3%

The business’s 50-day moving average price is $160.75 and its 200-day moving average price is $176.86. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $7.66 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.72 and a beta of 0.58.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.18. The business had revenue of $400.74 million during the quarter, compared to analyst estimates of $388.25 million. Paylocity had a net margin of 14.24% and a return on equity of 22.08%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.48 earnings per share. As a group, equities research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Paylocity

A number of hedge funds have recently added to or reduced their stakes in PCTY. GAMMA Investing LLC lifted its position in Paylocity by 41.9% in the first quarter. GAMMA Investing LLC now owns 545 shares of the software maker’s stock worth $102,000 after purchasing an additional 161 shares during the period. Voya Investment Management LLC lifted its position in Paylocity by 62.5% in the first quarter. Voya Investment Management LLC now owns 44,516 shares of the software maker’s stock worth $8,340,000 after purchasing an additional 17,118 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Paylocity in the first quarter worth $359,000. Millennium Management LLC lifted its position in Paylocity by 86.8% in the first quarter. Millennium Management LLC now owns 211,995 shares of the software maker’s stock worth $39,715,000 after purchasing an additional 98,520 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its position in Paylocity by 16.5% in the second quarter. Conestoga Capital Advisors LLC now owns 124,988 shares of the software maker’s stock worth $22,647,000 after purchasing an additional 17,665 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.