Piper Sandler Lowers Paylocity (NASDAQ:PCTY) Price Target to $172.00

Paylocity (NASDAQ:PCTY) had its target price lowered by Piper Sandler from $194.00 to $172.00 in a report released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

A number of other brokerages have also weighed in on PCTY. KeyCorp lowered their target price on Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research note on Friday, July 19th. Citigroup lowered their target price on Paylocity from $178.00 to $155.00 and set a neutral rating for the company in a research note on Tuesday, June 18th. Stifel Nicolaus decreased their price target on Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a report on Wednesday, June 5th. Jefferies Financial Group decreased their price target on Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a report on Monday, June 24th. Finally, TD Cowen decreased their price target on Paylocity from $180.00 to $153.00 and set a buy rating on the stock in a report on Thursday, June 20th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $185.41.

Paylocity Stock Up 6.7 %

Paylocity stock traded up $9.86 during mid-day trading on Friday, hitting $158.09. 1,074,054 shares of the company were exchanged, compared to its average volume of 489,055. Paylocity has a 1-year low of $129.94 and a 1-year high of $217.13. The company has a market capitalization of $8.92 billion, a PE ratio of 45.96, a price-to-earnings-growth ratio of 2.59 and a beta of 0.92. The business has a fifty day moving average of $140.64 and a 200 day moving average of $156.84.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a return on equity of 22.40% and a net margin of 14.74%. The company had revenue of $401.28 million during the quarter, compared to analyst estimates of $396.93 million. Research analysts expect that Paylocity will post 4.14 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. Insiders have sold a total of 51,173 shares of company stock valued at $7,296,388 over the last 90 days. 22.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC increased its position in shares of 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 purchasing an additional 98 shares during the last quarter. American National Bank acquired a new position in shares of Paylocity during the 4th quarter worth approximately $31,000. GAMMA Investing LLC acquired a new position in shares of Paylocity during the 4th quarter worth approximately $36,000. Rothschild Investment LLC acquired a new position in shares of Paylocity during the 2nd quarter worth approximately $40,000. Finally, Principal Securities Inc. bought a new position in shares of Paylocity during the 4th quarter worth approximately $41,000. 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.