Paylocity (NASDAQ:PCTY) Price Target Cut to $240.00

Paylocity (NASDAQ:PCTYGet Rating) had its price objective lowered by analysts at Cowen from $265.00 to $240.00 in a research note issued to investors on Friday, The Fly reports. Cowen’s price objective would indicate a potential upside of 27.07% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group upgraded Paylocity from a “hold” rating to a “buy” rating and set a $255.00 target price for the company in a research note on Monday, February 28th. Piper Sandler upgraded Paylocity from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $244.00 to $249.00 in a research note on Friday, February 4th. Wolfe Research upgraded Paylocity from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $220.00 to $240.00 in a research note on Friday, April 22nd. StockNews.com began coverage on Paylocity in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Citigroup began coverage on Paylocity in a research note on Tuesday, February 1st. They issued a “buy” rating and a $230.00 price objective for the company. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $254.25.

Shares of Paylocity stock opened at $188.87 on Friday. Paylocity has a one year low of $154.26 and a one year high of $314.49. The company has a market cap of $10.41 billion, a PE ratio of 119.54 and a beta of 1.30. The business has a 50-day simple moving average of $200.63 and a 200-day simple moving average of $224.05.

Paylocity (NASDAQ:PCTYGet Rating) last announced its quarterly earnings data on Thursday, May 5th. The software maker reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.31. Paylocity had a return on equity of 16.99% and a net margin of 12.24%. The business had revenue of $245.97 million during the quarter, compared to the consensus estimate of $241.64 million. During the same period in the previous year, the company posted $0.67 earnings per share. The business’s revenue for the quarter was up 32.2% on a year-over-year basis. On average, analysts forecast that Paylocity will post 1.2 EPS for the current year.

In related news, Director Steven I. Sarowitz sold 47,120 shares of the stock in a transaction on Friday, February 25th. The stock was sold at an average price of $203.10, for a total transaction of $9,570,072.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 22,091 shares of the stock in a transaction on Thursday, March 3rd. The shares were sold at an average price of $198.99, for a total value of $4,395,888.09. The disclosure for this sale can be found here. 28.80% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PCTY. Parallel Advisors LLC boosted its stake in shares of Paylocity by 101.7% during the first quarter. Parallel Advisors LLC now owns 121 shares of the software maker’s stock valued at $25,000 after acquiring an additional 61 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in Paylocity in the 3rd quarter worth about $33,000. Signaturefd LLC boosted its stake in Paylocity by 1,730.0% in the 1st quarter. Signaturefd LLC now owns 183 shares of the software maker’s stock worth $38,000 after buying an additional 173 shares during the last quarter. Covestor Ltd acquired a new stake in Paylocity in the 4th quarter worth about $42,000. Finally, Masso Torrence Wealth Management Inc. acquired a new stake in Paylocity in the 4th quarter worth about $45,000. 69.01% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Company Profile (Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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