Paylocity (NASDAQ:PCTY) PT Lowered to $185.00

Paylocity (NASDAQ:PCTY) had its price target lowered by BTIG Research from $200.00 to $185.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Paylocity from $180.00 to $145.00 and set a hold rating for the company in a research report on Monday, June 24th. Barclays decreased their price target on shares of Paylocity from $178.00 to $160.00 and set an equal weight rating for the company in a research note on Tuesday, July 16th. Piper Sandler dropped their price objective on Paylocity from $194.00 to $172.00 and set an overweight rating on the stock in a research note on Friday. KeyCorp decreased their target price on Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research report on Friday, July 19th. Finally, TD Cowen cut their price target on Paylocity from $180.00 to $153.00 and set a buy rating for the company in a research note on Thursday, June 20th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $179.40.

Paylocity Stock Performance

Shares of PCTY stock opened at $153.02 on Friday. Paylocity has a 52-week low of $129.94 and a 52-week high of $210.68. The company has a 50-day simple moving average of $140.64 and a two-hundred day simple moving average of $156.89. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 44.58, a PEG ratio of 2.59 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.40% and a net margin of 14.74%. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same period last year, the business posted $0.76 earnings per share. Paylocity’s revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts forecast that Paylocity will post 4.14 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the transaction, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,173 shares of company stock valued at $7,296,388. Company insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Sei Investments Co. lifted its stake in Paylocity by 25.2% in the fourth quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock worth $31,654,000 after purchasing an additional 38,613 shares during the last quarter. Evoke Wealth LLC purchased a new position in shares of Paylocity in the 4th quarter valued at approximately $2,507,000. Wells Fargo & Company MN boosted its holdings in shares of Paylocity by 274.8% during the 4th quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock valued at $10,717,000 after buying an additional 47,663 shares in the last quarter. FORA Capital LLC bought a new stake in Paylocity during the first quarter worth about $1,540,000. Finally, Royal London Asset Management Ltd. purchased a new stake in shares of Paylocity in the 4th quarter worth approximately $1,938,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

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.