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 research note published on Friday morning, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

A number of other research firms have also recently issued reports on PCTY. Citigroup boosted their price objective on Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a report on Wednesday, January 31st. Needham & Company LLC restated a buy rating and issued a $200.00 price target on shares of Paylocity in a report on Friday, February 9th. BTIG Research started coverage on shares of Paylocity in a research note on Tuesday, February 6th. They issued a buy rating and a $200.00 price target on the stock. Truist Financial dropped 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. Finally, KeyCorp decreased their price target on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a research note on Friday, February 9th. Eight research 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, Paylocity currently has a consensus rating of Moderate Buy and an average price target of $201.88.

Paylocity Price Performance

Shares of NASDAQ PCTY traded up $18.03 during mid-day trading on Friday, hitting $167.63. 2,044,545 shares of the company’s stock traded hands, compared to its average volume of 443,692. The company has a market capitalization of $9.44 billion, a P/E ratio of 48.73, a PEG ratio of 3.24 and a beta of 0.88. The company’s 50-day moving average is $165.30 and its two-hundred day moving average is $163.52. Paylocity has a 1 year low of $139.40 and a 1 year high of $230.52.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $326.36 million for the quarter, compared to the consensus estimate of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 23.25%. Equities analysts anticipate that Paylocity will post 3.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, SVP Katherine Ross sold 491 shares of the firm’s 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 sale, the senior vice president now directly 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 this hyperlink. 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 shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The disclosure for this sale can be found here. Insiders sold a total of 54,547 shares of company stock worth $9,356,359 in the last 90 days. 22.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC grew its stake in Paylocity by 144.1% during the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after purchasing an additional 98 shares during the last quarter. American National Bank acquired a new stake in shares of Paylocity during the fourth quarter worth about $31,000. GAMMA Investing LLC purchased a new stake in Paylocity in the fourth quarter valued at approximately $36,000. Principal Securities Inc. purchased a new position in Paylocity during the 4th quarter worth approximately $41,000. Finally, RiverPark Advisors LLC acquired a new stake in Paylocity during the 3rd quarter valued at approximately $43,000. 94.76% of the stock is owned by institutional investors and hedge funds.

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.