Robert W. Baird Lowers Paylocity (NASDAQ:PCTY) Price Target to $195.00

Paylocity (NASDAQ:PCTY) had its price objective decreased by Robert W. Baird from $225.00 to $195.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the software maker’s stock.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus dropped their target price on shares of Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. Needham & Company LLC reaffirmed a buy rating and issued a $200.00 price objective on shares of Paylocity in a research report on Friday, May 3rd. TD Cowen reduced their target price on Paylocity from $188.00 to $180.00 and set a buy rating for the company in a report on Friday, May 3rd. KeyCorp upped their price target on Paylocity from $186.00 to $200.00 and gave the company an overweight rating in a report on Friday, May 3rd. Finally, Piper Sandler reduced their price objective on Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $192.71.

Paylocity Stock Up 1.5 %

Paylocity stock opened at $135.86 on Tuesday. The stock’s 50 day moving average is $154.58 and its 200 day moving average is $161.15. The company has a market capitalization of $7.67 billion, a P/E ratio of 39.49, a PEG ratio of 2.45 and a beta of 0.89. Paylocity has a twelve month low of $132.61 and a twelve month high of $230.52.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. As a group, equities analysts expect that Paylocity will post 3.95 EPS for the current year.

Insider Transactions at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction on Monday, June 17th. The stock was 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 in the company, valued at $659,106.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 22.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its stake in shares of Paylocity by 144.1% in 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 in the last quarter. American National Bank bought a new stake in Paylocity during the fourth quarter valued at about $31,000. GAMMA Investing LLC purchased a new position in shares of Paylocity in the fourth quarter valued at about $36,000. J.Safra Asset Management Corp lifted its position in shares of Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Paylocity during the fourth quarter worth about $41,000. Institutional investors 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.