Paylocity (NASDAQ:PCTY) PT Lowered to $171.00

Paylocity (NASDAQ:PCTY) had its price objective cut by KeyCorp from $200.00 to $171.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Several other brokerages have also recently commented on PCTY. Jefferies Financial Group decreased their target price on shares of Paylocity from $180.00 to $145.00 and set a hold rating for the company in a report on Monday, June 24th. Piper Sandler decreased their price objective on shares of Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Stifel Nicolaus lowered 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. Barclays reduced their target price on Paylocity from $178.00 to $160.00 and set an equal weight rating for the company in a report on Tuesday, July 16th. Finally, Needham & Company LLC reiterated a buy rating and set a $200.00 price target on shares of Paylocity 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $187.88.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $142.94 on Friday. The stock has a market capitalization of $8.07 billion, a price-to-earnings ratio of 41.55, a PEG ratio of 2.47 and a beta of 0.92. Paylocity has a 1-year low of $129.94 and a 1-year high of $230.52. The company has a 50 day moving average price of $144.70 and a 200 day moving average price of $157.53.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.29. The business had revenue of $401.28 million during the quarter, compared to analyst estimates of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. On average, sell-side analysts expect that Paylocity will post 3.95 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the sale, 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 available through this link. In related news, CFO Ryan Glenn sold 1,400 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at approximately $4,352,224.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Nicholas Rost sold 331 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The disclosure for this sale can be found here. 22.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Paylocity

Several hedge funds have recently modified their holdings of PCTY. Venturi Wealth Management LLC lifted its holdings in Paylocity by 144.1% during the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after buying an additional 98 shares in the last quarter. American National Bank acquired a new position in shares of Paylocity during the fourth quarter valued at $31,000. GAMMA Investing LLC bought a new position in Paylocity in the fourth quarter valued at about $36,000. Principal Securities Inc. bought a new position in Paylocity in the fourth quarter valued at about $41,000. Finally, J.Safra Asset Management Corp increased its position in Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the period. 94.76% of the stock is owned by institutional investors.

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.