Paylocity (NASDAQ:PCTY) PT Lowered to $180.00 at TD Cowen

Paylocity (NASDAQ:PCTY - Get Free Report) had its target price decreased by TD Cowen from $188.00 to $180.00 in a report released on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the software maker's stock. TD Cowen's price objective would indicate a potential upside of 7.38% from the company's current price.

A number of other analysts also recently issued reports on the company. JMP Securities reaffirmed a "market outperform" rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, January 22nd. Piper Sandler lowered 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. Citigroup lifted their target price on Paylocity from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, January 31st. Mizuho lowered their target price on Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a research report on Friday, February 9th. Finally, KeyCorp lowered their target price on Paylocity from $197.00 to $186.00 and set an "overweight" rating on the stock in a research report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Paylocity currently has an average rating of "Moderate Buy" and a consensus target price of $201.88.

Paylocity Stock Up 12.1 %

Paylocity stock traded up $18.03 during mid-day trading on Friday, hitting $167.63. 2,044,482 shares of the company's stock were exchanged, compared to its average volume of 493,071. The company's 50 day simple moving average is $165.30 and its 200-day simple moving average is $163.52. Paylocity has a fifty-two week low of $139.40 and a fifty-two week high of $230.52. The firm has a market capitalization of $9.44 billion, a P/E ratio of 56.63, a PEG ratio of 3.24 and a beta of 0.88.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. The firm had revenue of $326.36 million for the quarter, compared to the consensus estimate of $324.34 million. Research analysts expect that Paylocity will post 3.48 EPS for the current year.

Insider Transactions at Paylocity

In other news, SVP Katherine Ross sold 491 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares in the company, valued at $2,583,756.37. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Steven R. Beauchamp sold 7,760 shares of Paylocity stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares of the company's stock, valued at $2,583,756.37. The disclosure for this sale can be found here. Insiders sold a total of 54,547 shares of company stock worth $9,356,359 over the last quarter. Company insiders own 22.50% of the company's stock.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the business. Venturi Wealth Management LLC raised its position in Paylocity by 144.1% during the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker's stock valued at $29,000 after purchasing an additional 98 shares in the last quarter. American National Bank acquired a new position in Paylocity during the fourth quarter valued at approximately $31,000. GAMMA Investing LLC acquired a new position in Paylocity during the fourth quarter valued at approximately $36,000. Principal Securities Inc. acquired a new position in Paylocity during the fourth quarter valued at approximately $41,000. Finally, RiverPark Advisors LLC acquired a new position in Paylocity during the third quarter valued at approximately $43,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.

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