BTIG Research Cuts Paylocity (NASDAQ:PCTY) Price Target to $185.00

Paylocity (NASDAQ:PCTY) had its price target cut by equities researchers at BTIG Research from $200.00 to $185.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the software maker’s stock. BTIG Research’s price target would suggest a potential upside of 17.02% from the stock’s previous close.

Several other equities analysts have also commented on the company. Piper Sandler dropped their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday. Truist Financial lowered their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $200.00 price target on shares of Paylocity in a research report on Friday. Citigroup lowered their price target on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research report on Tuesday, June 18th. Finally, Stifel Nicolaus lowered their price target on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $185.41.

Paylocity Stock Performance

Paylocity stock traded up $9.86 during trading on Friday, hitting $158.09. The company’s 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 stock’s fifty day moving average is $140.56 and its 200 day moving average is $156.82. Paylocity has a 1-year low of $129.94 and a 1-year high of $217.13.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, May 2nd. The software maker reported $1.57 EPS 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 analyst estimates of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. On average, research analysts anticipate that Paylocity will post 3.95 EPS for the current fiscal year.

Insider Activity at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the transaction, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicholas Rost sold 331 shares of the company’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 value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares in the company, valued at approximately $659,106.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,173 shares of company stock valued at $7,296,388. Insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers raised its position in shares of Paylocity by 0.6% during the 2nd quarter. Rhumbline Advisers now owns 129,753 shares of the software maker’s stock worth $17,108,000 after purchasing an additional 747 shares during the period. Versor Investments LP acquired a new stake in shares of Paylocity during the 2nd quarter worth approximately $1,874,000. CIBC Asset Management Inc raised its position in shares of Paylocity by 12.1% during the 2nd quarter. CIBC Asset Management Inc now owns 1,594 shares of the software maker’s stock worth $210,000 after purchasing an additional 172 shares during the period. Van ECK Associates Corp raised its position in shares of Paylocity by 4.6% during the 2nd quarter. Van ECK Associates Corp now owns 8,375 shares of the software maker’s stock worth $1,104,000 after purchasing an additional 370 shares during the period. Finally, Rothschild Investment LLC acquired a new stake in shares of Paylocity during the 2nd quarter worth approximately $40,000. 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.