Paylocity (NASDAQ:PCTY) PT Lowered to $194.00

Paylocity (NASDAQ:PCTY) had its price target reduced by equities researchers at Piper Sandler from $210.00 to $194.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price indicates a potential upside of 15.73% from the company’s current price.

Several other analysts also recently issued reports on the stock. Mizuho decreased their price objective on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. 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. BTIG Research started coverage on Paylocity in a research report on Tuesday, February 6th. They issued a “buy” rating and a $200.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, February 9th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $180.00 price target (down from $240.00) on shares of Paylocity in a report on Friday, January 5th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $201.88.

Paylocity Stock Performance

NASDAQ:PCTY opened at $167.63 on Friday. The firm has a market capitalization of $9.44 billion, a PE ratio of 48.73, a PEG ratio of 3.63 and a beta of 0.88. The stock’s fifty day moving average is $165.30 and its 200 day moving average is $163.23. Paylocity has a fifty-two week low of $139.40 and a fifty-two week high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its 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 net margin of 14.42% and a return on equity of 23.25%. The business had revenue of $326.36 million for the quarter, compared to the consensus estimate of $324.34 million. Equities analysts forecast that Paylocity will post 3.48 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Paylocity

Hedge funds have recently modified their holdings of the company. WCM Investment Management LLC grew its position in shares of Paylocity by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after buying an additional 69 shares during the last quarter. Avior Wealth Management LLC grew its holdings in Paylocity by 2.4% in the fourth quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after purchasing an additional 76 shares during the last quarter. Shaker Investments LLC OH increased its position in shares of Paylocity by 0.3% during the fourth quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock worth $3,902,000 after purchasing an additional 77 shares in the last quarter. Seven Eight Capital LP lifted its holdings in shares of Paylocity by 4.9% during the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after purchasing an additional 78 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares in the last quarter. 94.76% of the stock is 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.