Paylocity (NASDAQ:PCTY) Price Target Lowered to $190.00 at Barclays

Paylocity (NASDAQ:PCTY - Free Report) had its price objective reduced by Barclays from $209.00 to $190.00 in a research note published on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the software maker's stock.

PCTY has been the subject of several other reports. BMO Capital Markets upped their target price on Paylocity from $210.00 to $226.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. UBS Group raised their target price on Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. KeyCorp decreased their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Citigroup reduced their price objective on shares of Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $221.76.

Paylocity Price Performance

PCTY stock traded down $4.99 on Monday, reaching $181.39. 385,031 shares of the company's stock were exchanged, compared to its average volume of 449,744. The stock has a fifty day moving average of $186.77 and a 200-day moving average of $192.29. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The firm has a market cap of $10.02 billion, a PE ratio of 45.23, a P/E/G ratio of 3.66 and a beta of 0.50. Paylocity has a twelve month low of $140.06 and a twelve month high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. The company had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. Paylocity's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.21 EPS. As a group, equities analysts predict that Paylocity will post 4.36 EPS for the current fiscal year.

Insider Activity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction 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 of the company's stock, valued at $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its stake in shares of Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after acquiring an additional 377,835 shares during the period. Invesco Ltd. boosted its holdings in shares of Paylocity by 31.7% during the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after buying an additional 320,319 shares during the period. Vanguard Group Inc. boosted its holdings in 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 purchasing an additional 283,430 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in Paylocity in the 1st quarter valued at $47,998,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake 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 in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

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.