Citigroup Has Lowered Expectations for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY - Get Free Report) had its price objective lowered by investment analysts at Citigroup from $225.00 to $218.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the software maker's stock. Citigroup's price objective points to a potential upside of 20.18% from the stock's current price.

PCTY has been the topic of a number of other reports. Barclays lowered their price target on Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Monday. Stephens began coverage on Paylocity in a research note on Monday. They issued an "equal weight" rating and a $200.00 price target for the company. Wall Street Zen raised Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. BMO Capital Markets lifted their price objective on Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, JMP Securities restated a "market outperform" rating and set a $270.00 price objective on shares of Paylocity in a research report on Tuesday, April 29th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $221.76.

Paylocity Price Performance

PCTY stock traded down $4.99 during trading on Monday, hitting $181.39. The stock had a trading volume of 385,031 shares, compared to its average volume of 449,744. The company's 50 day moving average price is $187.12 and its two-hundred day moving average price is $192.41. Paylocity has a 1-year low of $140.06 and a 1-year high of $223.80. The stock has a market cap of $10.02 billion, a price-to-earnings ratio of 45.23, a price-to-earnings-growth ratio of 3.66 and a beta of 0.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The firm had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. During the same quarter in the prior year, the business earned $2.21 EPS. Paylocity's quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts forecast that Paylocity will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president directly owned 11,953 shares in the company, valued at $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 21.91% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in shares of Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock valued at $129,775,000 after buying an additional 377,835 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after buying an additional 320,319 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Paylocity by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker's stock valued at $807,966,000 after buying an additional 283,430 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Paylocity in the 1st quarter valued at approximately $47,998,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Paylocity by 1,995.2% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 259,800 shares of the software maker's stock valued at $47,073,000 after buying an additional 247,400 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.

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