Paylocity (NASDAQ:PCTY) Price Target Cut to $194.00

Paylocity (NASDAQ:PCTY) had its price objective reduced by Piper Sandler from $210.00 to $194.00 in a report issued on Friday morning, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other equities research analysts have also recently weighed in on the stock. JMP Securities reiterated a market outperform rating and set a $250.00 price target on shares of Paylocity in a research report on Monday, January 22nd. KeyCorp dropped their target price on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a report on Friday, February 9th. Jefferies Financial Group reiterated a hold rating and issued a $180.00 price objective (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Citigroup lifted their price objective on Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a research note on Wednesday, January 31st. Finally, Truist Financial cut their target price on shares of Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a research note on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Trading Up 2.0 %

Paylocity stock opened at $171.06 on Friday. The company has a 50-day moving average price of $165.30 and a 200 day moving average price of $162.81. Paylocity has a 12-month low of $139.40 and a 12-month high of $230.52. The stock has a market cap of $9.64 billion, a P/E ratio of 49.73, a PEG ratio of 3.63 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. As a group, analysts forecast that Paylocity will post 3.48 EPS for the current year.

Insider Activity

In related news, Director Steven I. Sarowitz sold 24,504 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the completion of the transaction, the senior vice president now owns 15,353 shares in the company, valued at $2,583,756.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is currently owned by company insiders.

Institutional Trading of Paylocity

Hedge funds have recently made changes to their positions in the company. WCM Investment Management LLC raised its holdings in Paylocity by 2.3% during the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after purchasing an additional 69 shares in the last quarter. Avior Wealth Management LLC increased its position in Paylocity by 2.4% during the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH raised its stake in shares of Paylocity by 0.3% during the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock worth $3,902,000 after buying an additional 77 shares in the last quarter. Seven Eight Capital LP lifted its holdings in shares of Paylocity by 4.9% in the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after buying an additional 78 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after buying an additional 78 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.