Paylocity (NASDAQ:PCTY) Price Target Lowered to $156.00 at Barclays

Paylocity (NASDAQ:PCTY) had its price target lowered by Barclays from $160.00 to $156.00 in a research note published on Monday, Benzinga reports. Barclays currently has an equal weight rating on the software maker’s stock.

PCTY has been the topic of a number of other reports. BTIG Research reduced their price objective on shares of Paylocity from $200.00 to $185.00 and set a buy rating on the stock in a research note on Friday. Jefferies Financial Group reduced their price target on shares of Paylocity from $180.00 to $145.00 and set a hold rating on the stock in a research report on Monday, June 24th. Truist Financial lowered their price objective on Paylocity from $200.00 to $195.00 and set a buy rating for the company in a report on Wednesday, July 31st. Needham & Company LLC reaffirmed a buy rating and set a $200.00 target price on shares of Paylocity in a report on Friday. 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 report on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $179.13.

Paylocity Stock Down 0.6 %

Shares of NASDAQ PCTY traded down $0.93 during trading on Monday, reaching $152.09. 531,496 shares of the stock were exchanged, compared to its average volume of 530,341. The business’s 50-day moving average price is $140.63 and its 200 day moving average price is $156.89. The company has a market capitalization of $8.58 billion, a price-to-earnings ratio of 44.21, a price-to-earnings-growth ratio of 2.59 and a beta of 0.92. Paylocity has a twelve month low of $129.94 and a twelve month high of $210.68.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the prior year, the company posted $0.76 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. As a group, sell-side analysts expect that Paylocity will post 4.14 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, 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 transaction of $45,919.63. Following the transaction, the chief accounting officer now 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 this hyperlink. Also, 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 value of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. 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 in the last three months. 22.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds have recently modified their holdings of the company. Acadian Asset Management LLC bought a new position in Paylocity during the second quarter valued at about $215,000. Chicago Capital LLC lifted its holdings in Paylocity by 82.3% in the 2nd quarter. Chicago Capital LLC now owns 4,850 shares of the software maker’s stock valued at $639,000 after acquiring an additional 2,190 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in Paylocity by 9.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,530 shares of the software maker’s stock valued at $202,000 after acquiring an additional 127 shares during the last quarter. Summit Creek Advisors LLC boosted its position in shares of Paylocity by 1.8% during the 2nd quarter. Summit Creek Advisors LLC now owns 133,867 shares of the software maker’s stock valued at $17,650,000 after purchasing an additional 2,354 shares in the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Paylocity by 2.5% in the 2nd quarter. TD Asset Management Inc now owns 290,053 shares of the software maker’s stock worth $38,243,000 after purchasing an additional 6,956 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

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.