Paylocity (NASDAQ:PCTY) PT Lowered to $200.00

Paylocity (NASDAQ:PCTYFree Report) had its price objective trimmed by Truist Financial from $250.00 to $200.00 in a report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other research firms have also recently issued reports on PCTY. KeyCorp lowered their price objective on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a research report on Friday. Piper Sandler raised their price objective on shares of Paylocity from $207.00 to $210.00 and gave the stock an overweight rating in a research report on Friday. StockNews.com lowered Paylocity from a buy rating to a hold rating in a report on Wednesday, November 29th. JMP Securities reissued a market outperform rating and set a $250.00 target price on shares of Paylocity in a research report on Monday, January 22nd. Finally, BTIG Research initiated coverage on shares of Paylocity in a report on Tuesday, February 6th. They set a buy rating and a $200.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $207.47.

Check Out Our Latest Stock Analysis on Paylocity

Paylocity Trading Up 5.3 %

NASDAQ PCTY opened at $174.95 on Friday. The firm’s 50 day simple moving average is $160.08 and its 200 day simple moving average is $176.08. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 59.10, a P/E/G ratio of 2.87 and a beta of 0.89. Paylocity has a 1 year low of $139.40 and a 1 year high of $230.52.

Insiders Place Their Bets

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the company’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the transaction, the chief financial officer now directly owns 34,152 shares in the company, valued at approximately $5,582,827.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 1,622 shares of company stock worth $262,902 in the last three months. 22.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in PCTY. Machina Capital S.A.S. purchased a new stake in Paylocity during the third quarter valued at about $229,000. Citigroup Inc. boosted its position in shares of Paylocity by 55.1% in the 2nd quarter. Citigroup Inc. now owns 39,042 shares of the software maker’s stock worth $7,204,000 after purchasing an additional 13,874 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of Paylocity by 15.1% in the third quarter. Lord Abbett & CO. LLC now owns 88,032 shares of the software maker’s stock worth $15,996,000 after acquiring an additional 11,566 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Paylocity by 9.8% in the third quarter. Victory Capital Management Inc. now owns 63,576 shares of the software maker’s stock worth $11,552,000 after buying an additional 5,691 shares during the last quarter. Finally, CWM LLC raised its holdings in Paylocity by 18.1% in the 3rd quarter. CWM LLC now owns 412 shares of the software maker’s stock worth $75,000 after acquiring an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 73.65% of the company’s stock.

About Paylocity

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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.

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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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