Paylocity (NASDAQ:PCTY) PT Lowered to $200.00 at Jefferies Financial Group

Paylocity (NASDAQ:PCTY – Get Rating) had its price target lowered by Jefferies Financial Group from $255.00 to $200.00 in a report released on Monday, The Fly reports. Jefferies Financial Group’s target price would indicate a potential upside of 23.68% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Wolfe Research raised shares of Paylocity from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $220.00 to $240.00 in a report on Friday, April 22nd. Mizuho cut their price objective on shares of Paylocity from $250.00 to $185.00 in a research note on Friday, January 28th. BMO Capital Markets initiated coverage on shares of Paylocity in a research note on Tuesday, February 1st. They issued an “outperform” rating and a $230.00 price objective on the stock. Raymond James cut their price objective on shares of Paylocity from $355.00 to $245.00 and set an “outperform” rating on the stock in a research note on Friday, February 4th. Finally, Robert W. Baird cut their price objective on shares of Paylocity from $301.00 to $274.00 in a research note on Friday, February 4th. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Paylocity currently has a consensus rating of “Buy” and an average target price of $250.18.

NASDAQ PCTY opened at $161.71 on Monday. The company has a fifty day simple moving average of $194.09 and a two-hundred day simple moving average of $212.81. The stock has a market cap of $8.91 billion, a P/E ratio of 104.33 and a beta of 1.30. Paylocity has a 12-month low of $152.97 and a 12-month high of $314.49.

Paylocity (NASDAQ:PCTY – Get Rating) last posted its quarterly earnings results on Thursday, May 5th. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.31. The business had revenue of $245.97 million during the quarter, compared to analysts’ expectations of $241.64 million. Paylocity had a net margin of 11.06% and a return on equity of 17.32%. The business’s quarterly revenue was up 32.2% on a year-over-year basis. During the same quarter last year, the company posted $0.67 earnings per share. On average, sell-side analysts forecast that Paylocity will post 1.44 earnings per share for the current year.

In other news, CAO Nicholas Rost sold 276 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $200.00, for a total value of $55,200.00. Following the transaction, the chief accounting officer now directly owns 2,816 shares of the company’s stock, valued at $563,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 47,120 shares of Paylocity stock in a transaction dated Friday, February 25th. The stock was sold at an average price of $203.10, for a total transaction of $9,570,072.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 118,417 shares of company stock worth $22,002,622. Company insiders own 28.80% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Parallel Advisors LLC raised its stake in Paylocity by 101.7% during the first quarter. Parallel Advisors LLC now owns 121 shares of the software maker’s stock worth $25,000 after purchasing an additional 61 shares during the period. Clearstead Advisors LLC purchased a new position in Paylocity during the third quarter worth about $33,000. Signaturefd LLC raised its stake in Paylocity by 1,730.0% during the first quarter. Signaturefd LLC now owns 183 shares of the software maker’s stock worth $38,000 after purchasing an additional 173 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in Paylocity during the first quarter worth about $41,000. Finally, Covestor Ltd purchased a new position in Paylocity during the fourth quarter worth about $42,000. 69.01% of the stock is currently owned by institutional investors.

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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