Paylocity (NASDAQ:PCTY) Given New $194.00 Price Target at Piper Sandler

Paylocity (NASDAQ:PCTY) had its target price cut by Piper Sandler from $210.00 to $194.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

Other research analysts have also issued research reports about the stock. KeyCorp lowered their price target on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a report on Friday, February 9th. Jefferies Financial Group reissued a hold rating and issued a $180.00 price objective (down from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Mizuho cut 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. BTIG Research initiated coverage on Paylocity in a report on Tuesday, February 6th. They issued a buy rating and a $200.00 target price for the company. Finally, Needham & Company LLC restated a buy rating and set a $200.00 price target on shares of Paylocity in a report on Friday, February 9th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $201.88.

Paylocity Stock Up 12.1 %

Shares of PCTY stock traded up $18.03 during trading hours on Friday, hitting $167.63. 2,044,545 shares of the company’s stock traded hands, compared to its average volume of 443,692. Paylocity has a 12 month low of $139.40 and a 12 month high of $230.52. The stock has a market cap of $9.44 billion, a PE ratio of 48.73, a price-to-earnings-growth ratio of 3.24 and a beta of 0.88. The stock’s 50 day simple moving average is $165.30 and its 200 day simple moving average is $163.52.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The business had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. As a group, equities research analysts expect that Paylocity will post 3.48 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the sale, the director now directly owns 14,704 shares of the company’s stock, valued at $2,523,794.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Jeffrey T. Diehl sold 1,760 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the sale, the director now owns 14,704 shares in the company, valued at approximately $2,523,794.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the completion of 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 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Institutional investors and hedge funds have recently modified their holdings of the business. Venturi Wealth Management LLC grew its stake in Paylocity by 144.1% in the 1st 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 during the period. American National Bank purchased a new stake in Paylocity during the fourth quarter worth about $31,000. GAMMA Investing LLC bought a new stake in Paylocity in the fourth quarter worth about $36,000. RiverPark Advisors LLC bought a new position in shares of Paylocity during the 3rd quarter valued at approximately $43,000. Finally, Principal Securities Inc. purchased a new stake in shares of Paylocity during the 4th quarter worth approximately $41,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

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.