Truist Financial Trims Paylocity (NASDAQ:PCTY) Target Price to $195.00

Paylocity (NASDAQ:PCTY) had its price target trimmed by Truist Financial from $200.00 to $195.00 in a research report released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other equities analysts also recently issued reports on the company. Jefferies Financial Group dropped their price target on Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a research report on Monday, June 24th. Robert W. Baird decreased their price objective on Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research note on Tuesday, June 18th. TD Cowen decreased their price objective on Paylocity from $180.00 to $153.00 and set a buy rating for the company in a research note on Thursday, June 20th. Barclays decreased their price objective on Paylocity from $178.00 to $160.00 and set an equal weight rating for the company in a research note on Tuesday, July 16th. Finally, Needham & Company LLC reiterated a buy rating and issued a $200.00 price target on shares of Paylocity in a research note on Friday, May 3rd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $185.41.

Paylocity Trading Up 6.7 %

PCTY opened at $158.09 on Wednesday. Paylocity has a 12-month low of $129.94 and a 12-month high of $217.13. The business’s fifty day simple moving average is $140.64 and its 200-day simple moving average is $156.87. The company has a market capitalization of $8.92 billion, a price-to-earnings ratio of 45.96, a PEG ratio of 2.59 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping 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 business had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. On average, equities research analysts predict that Paylocity will post 4.14 EPS for the current year.

Insider Activity

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’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 value of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’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 value of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Nicholas Rost sold 331 shares of the firm’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 completion of the transaction, 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. Insiders have sold a total of 51,173 shares of company stock worth $7,296,388 over the last quarter. 22.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. WCM Investment Management LLC boosted its stake in Paylocity by 2.3% during the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after buying an additional 69 shares during the last quarter. Avior Wealth Management LLC lifted its stake in shares of Paylocity by 2.4% in the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares during the last quarter. Shaker Investments LLC OH lifted its stake in shares of Paylocity by 0.3% in the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after purchasing an additional 77 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Paylocity by 8.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock valued at $205,000 after purchasing an additional 96 shares during the last quarter. 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.