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

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

PCTY has been the topic of several other reports. KeyCorp lowered their price target on shares of Paylocity from $197.00 to $186.00 and set an overweight rating on the stock in a report on Friday, February 9th. Needham & Company LLC reaffirmed a buy rating and set a $200.00 target price on shares of Paylocity in a report on Friday, February 9th. Truist Financial reduced their price target on Paylocity from $250.00 to $200.00 and set a buy rating for the company in a research report on Friday, February 9th. Jefferies Financial Group restated a hold rating and issued a $180.00 price objective (down previously from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Finally, JMP Securities reiterated a market outperform rating and issued a $250.00 target price on shares of Paylocity in a research note on Monday, January 22nd. Eight investment 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, Paylocity presently has an average rating of Moderate Buy and a consensus target price of $201.88.

Paylocity Stock Up 12.1 %

Shares of PCTY traded up $18.03 during trading hours on Friday, reaching $167.63. 2,044,545 shares of the company traded hands, compared to its average volume of 443,692. The business has a fifty day moving average price of $165.30 and a 200-day moving average price of $163.52. Paylocity has a 12-month low of $139.40 and a 12-month high of $230.52. The stock has a market capitalization of $9.44 billion, a P/E ratio of 48.73, a P/E/G ratio of 3.24 and a beta of 0.88.

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

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 24,504 shares of the firm’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 in the company, valued at $1,682,383,899.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the sale, the chief executive officer now owns 1,746,468 shares of the company’s stock, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. In the last three months, insiders sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several large investors have recently added to or reduced their stakes in PCTY. Venturi Wealth Management LLC raised its stake in Paylocity by 144.1% during the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after purchasing an additional 98 shares during the period. American National Bank acquired a new stake in shares of Paylocity during the 4th quarter worth approximately $31,000. GAMMA Investing LLC purchased a new stake in shares of Paylocity during the 4th quarter valued at approximately $36,000. Principal Securities Inc. acquired a new position in Paylocity in the fourth quarter valued at approximately $41,000. Finally, RiverPark Advisors LLC purchased a new position in Paylocity in the third quarter worth approximately $43,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.