TD Cowen Lowers Paylocity (NASDAQ:PCTY) Price Target to $180.00

Paylocity (NASDAQ:PCTY) had its price objective cut by TD Cowen from $188.00 to $180.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the software maker’s stock.

PCTY has been the topic of a number of other reports. BTIG Research initiated coverage on shares of Paylocity in a report on Tuesday, February 6th. They issued a buy rating and a $200.00 price objective on the stock. Piper Sandler decreased their price target on Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a report on Friday. Needham & Company LLC reissued a buy rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, February 9th. KeyCorp lowered their price target on Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a report on Friday, February 9th. Finally, Mizuho cut their price objective on shares of Paylocity from $170.00 to $155.00 and set a neutral rating on the stock in a report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Trading Up 2.0 %

NASDAQ:PCTY opened at $171.06 on Friday. The stock has a fifty 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 firm has a market cap of $9.64 billion, a PE ratio of 49.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88.

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

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 24,504 shares of the business’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 value of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Katherine Ross sold 491 shares of the firm’s stock in a transaction dated 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 sale, the senior vice president now owns 15,353 shares in the company, valued at $2,583,756.37. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction that occurred 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 directly owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several hedge funds have recently modified their holdings of PCTY. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in Paylocity by 33.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,100 shares of the software maker’s stock valued at $2,562,000 after acquiring an additional 3,500 shares during the period. Xponance Inc. grew its position in Paylocity by 2.5% during the third quarter. Xponance Inc. now owns 9,767 shares of the software maker’s stock worth $1,775,000 after buying an additional 236 shares during the period. Bank of New York Mellon Corp increased its holdings in Paylocity by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock valued at $83,944,000 after buying an additional 11,025 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in shares of Paylocity during the 3rd quarter valued at approximately $991,000. Finally, State of Michigan Retirement System boosted its stake in shares of Paylocity by 1.0% during the 3rd quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock worth $1,866,000 after acquiring an additional 100 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

About Paylocity

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.