Paylocity (NASDAQ:PCTY) Price Target Cut to $185.00

Paylocity (NASDAQ:PCTY) had its target price lowered by analysts at BTIG Research from $200.00 to $185.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. BTIG Research’s price target would indicate a potential upside of 17.02% from the stock’s current price.

Several other brokerages also recently weighed in on PCTY. Stifel Nicolaus cut their price objective on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Citigroup dropped their price target on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. Piper Sandler dropped their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday. Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Paylocity in a research report on Friday. Finally, Jefferies Financial Group dropped their price target on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $185.41.

Paylocity Trading Up 6.7 %

NASDAQ:PCTY traded up $9.86 during mid-day trading on Friday, hitting $158.09. The stock had a trading volume of 1,074,054 shares, compared to its average volume of 528,476. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 45.96, a P/E/G ratio of 2.59 and a beta of 0.92. The company has a 50 day simple moving average of $140.56 and a 200-day simple moving average of $156.82. Paylocity has a 52 week low of $129.94 and a 52 week high of $217.13.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.29. The firm had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. As a group, equities research analysts anticipate that Paylocity will post 3.95 earnings per share for the current year.

Insider Activity at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,173 shares of company stock valued at $7,296,388. Corporate insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several institutional investors have recently made changes to their positions in PCTY. Raymond James & Associates boosted its position in shares of Paylocity by 33.3% during the 4th quarter. Raymond James & Associates now owns 45,503 shares of the software maker’s stock valued at $7,501,000 after acquiring an additional 11,360 shares in the last quarter. State of Michigan Retirement System boosted its position in Paylocity by 1.0% in the fourth quarter. State of Michigan Retirement System now owns 10,372 shares of the software maker’s stock valued at $1,710,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System boosted its position in Paylocity by 1.4% in the fourth quarter. Arizona State Retirement System now owns 12,351 shares of the software maker’s stock valued at $2,036,000 after buying an additional 170 shares in the last quarter. International Assets Investment Management LLC boosted its position in Paylocity by 16,049.0% in the fourth quarter. International Assets Investment Management LLC now owns 7,913 shares of the software maker’s stock valued at $1,304,000 after buying an additional 7,864 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Paylocity by 301.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,876 shares of the software maker’s stock valued at $804,000 after buying an additional 3,662 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.