Paylocity (NASDAQ:PCTY) Price Target Increased to $178.00 by Analysts at Citigroup

Paylocity (NASDAQ:PCTY - Get Free Report) had its price target raised by research analysts at Citigroup from $176.00 to $178.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the software maker's stock. Citigroup's price objective suggests a potential upside of 4.82% from the company's previous close.

A number of other brokerages have also issued reports on PCTY. Needham & Company LLC reaffirmed a "buy" rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, May 3rd. Piper Sandler cut their target price on Paylocity from $210.00 to $194.00 and set an "overweight" rating on the stock in a research report on Friday, May 3rd. TD Cowen dropped their price target on Paylocity from $188.00 to $180.00 and set a "buy" rating on the stock in a research report on Friday, May 3rd. Truist Financial dropped their price target on Paylocity from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, February 9th. Finally, Mizuho dropped their price target on Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Paylocity presently has a consensus rating of "Moderate Buy" and a consensus target price of $196.40.

Paylocity Price Performance

Shares of PCTY traded down $2.76 during midday trading on Wednesday, reaching $169.82. The stock had a trading volume of 361,545 shares, compared to its average volume of 494,335. The firm's 50 day moving average price is $165.69 and its 200-day moving average price is $162.35. The company has a market capitalization of $9.58 billion, a P/E ratio of 49.54, a P/E/G ratio of 3.21 and a beta of 0.88. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52.

Insider Transactions at Paylocity

In other news, CEO Steven R. Beauchamp sold 7,760 shares of the company's stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the sale, the chief executive officer now owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the sale, the chief executive officer now owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $168.55, for a total value of $3,376,393.60. Following the sale, the director now owns 16,391 shares of the company's stock, valued at approximately $2,762,703.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,043 shares of company stock worth $5,056,642. 22.50% of the stock is owned by corporate insiders.

Institutional Trading of Paylocity

Several hedge funds have recently added to or reduced their stakes in PCTY. WCM Investment Management LLC raised its holdings in Paylocity by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker's stock valued at $525,000 after acquiring an additional 69 shares in the last quarter. Avior Wealth Management LLC raised its holdings 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 worth $531,000 after buying an additional 76 shares in the last quarter. Shaker Investments LLC OH raised its holdings 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 worth $3,902,000 after buying an additional 77 shares in the last quarter. Seven Eight Capital LP raised its holdings in shares of Paylocity by 4.9% in the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker's stock worth $301,000 after buying an additional 78 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker's stock worth $52,000 after buying an additional 78 shares in the last quarter. Institutional investors 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.