Paylocity (NASDAQ:PCTY) Price Target Cut to $180.00 by Analysts at TD Cowen

Paylocity (NASDAQ:PCTY) had its price target lowered by TD Cowen from $188.00 to $180.00 in a report published on Friday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on PCTY. Barclays lifted their price target on shares of Paylocity from $166.00 to $178.00 and gave the stock an equal weight rating in a research report on Friday. Piper Sandler decreased their target price on Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a research note on Friday. Citigroup increased their price target on Paylocity from $180.00 to $182.00 and gave the stock a neutral rating in a report on Wednesday, January 31st. Needham & Company LLC reiterated a buy rating and set a $200.00 price objective on shares of Paylocity in a report on Friday, February 9th. Finally, JMP Securities reiterated a market outperform rating and issued a $250.00 price objective on shares of Paylocity in a research report on Monday, January 22nd. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Paylocity currently has an average rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Stock Up 2.0 %

Shares of Paylocity stock traded up $3.43 during trading on Friday, reaching $171.06. 602,610 shares of the company were exchanged, compared to its average volume of 494,330. Paylocity has a twelve month low of $139.40 and a twelve month high of $230.52. The business has a 50-day moving average price of $165.30 and a 200-day moving average price of $162.98. The firm has a market capitalization of $9.64 billion, a price-to-earnings ratio of 48.73, a P/E/G ratio of 3.63 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. On average, equities research analysts forecast that Paylocity will post 3.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction 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 owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Steven I. Sarowitz sold 24,504 shares of the company’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 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 SEC, which can be accessed through this link. Also, Director Jeffrey T. Diehl sold 20,032 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the sale, the director now owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of large investors have recently added to or reduced their stakes in PCTY. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Paylocity by 33.0% in the 3rd 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 purchasing an additional 3,500 shares in the last quarter. Xponance Inc. boosted its stake in Paylocity by 2.5% in the third quarter. Xponance Inc. now owns 9,767 shares of the software maker’s stock valued at $1,775,000 after buying an additional 236 shares in the last quarter. Bank of New York Mellon Corp grew its position 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 acquiring an additional 11,025 shares during the last quarter. Park Avenue Securities LLC acquired a new position in Paylocity during the third quarter worth about $991,000. Finally, State of Michigan Retirement System lifted its holdings in shares of Paylocity by 1.0% in the third 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 during 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.