Paylocity (NASDAQ:PCTY) Price Target Cut to $225.00 by Analysts at Jefferies Financial Group

Key Points

• Jefferies Financial Group has downgraded the price target for Paylocity (NASDAQ:PCTY) from $235.00 to $225.00, while maintaining a "buy" rating, indicating a potential upside of 20% from the previous close.
• Other analysts have varied perspectives on Paylocity, with some rating it "equal weight" with a target of $200.00, while others have assigned target prices between $202.00 and $258.00.
• Following the downgrade, Paylocity's stock has seen a 3.2% increase during trading, reaching $187.50, with a market cap of $10.36 billion.

Paylocity (NASDAQ:PCTY - Get Free Report) had its price objective dropped by investment analysts at Jefferies Financial Group from $235.00 to $225.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the software maker's stock. Jefferies Financial Group's price objective would suggest a potential upside of 20.00% from the stock's previous close.

A number of other equities research analysts have also recently commented on PCTY. Stephens assumed coverage on Paylocity in a research note on Monday, July 21st. They issued an "equal weight" rating and a $200.00 price target for the company. BMO Capital Markets raised their target price on Paylocity from $226.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday. UBS Group raised their target price on Paylocity from $201.00 to $202.00 and gave the stock a "neutral" rating in a report on Wednesday. Piper Sandler reissued an "overweight" rating and issued a $258.00 price objective (up from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Finally, Scotiabank initiated coverage on Paylocity in a report on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $223.19.

Paylocity Trading Up 3.2%

Paylocity stock traded up $5.79 during mid-day trading on Wednesday, hitting $187.50. The company's stock had a trading volume of 622,781 shares, compared to its average volume of 473,564. Paylocity has a one year low of $146.02 and a one year high of $223.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. The company has a 50 day moving average of $183.98 and a 200-day moving average of $191.56. The stock has a market cap of $10.36 billion, a PE ratio of 46.83, a P/E/G ratio of 3.63 and a beta of 0.54.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total transaction of $303,462.58. Following the sale, the senior vice president owned 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 21.91% of the company's stock.

Institutional Investors Weigh In On Paylocity

Several hedge funds have recently made changes to their positions in the business. TCTC Holdings LLC boosted its holdings in Paylocity by 115.9% in the first quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock valued at $28,000 after acquiring an additional 80 shares during the last quarter. USA Financial Formulas purchased a new position in Paylocity in the first quarter valued at about $29,000. Hughes Financial Services LLC purchased a new position in Paylocity in the first quarter valued at about $48,000. Bayforest Capital Ltd raised its position in Paylocity by 69.1% in the first quarter. Bayforest Capital Ltd now owns 296 shares of the software maker's stock valued at $55,000 after purchasing an additional 121 shares during the period. Finally, SVB Wealth LLC purchased a new position in Paylocity in the first quarter valued at about $61,000. 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.

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