Paylocity (NASDAQ:PCTY) Price Target Cut to $180.00 by Analysts at TD Cowen

Paylocity (NASDAQ:PCTY) had its target price lowered by TD Cowen from $188.00 to $180.00 in a report published on Friday morning, Benzinga reports. TD Cowen currently has a buy rating on the software maker’s stock.

PCTY has been the topic of several other research reports. Piper Sandler dropped their price objective on shares of Paylocity from $210.00 to $194.00 and set an overweight rating on the stock in a report on Friday. Jefferies Financial Group reaffirmed a hold rating and set a $180.00 price target (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Barclays raised their price objective on Paylocity from $166.00 to $178.00 and gave the company an equal weight rating in a research note on Friday. Truist Financial cut their target price on Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a report on Friday, February 9th. Finally, BTIG Research began coverage on shares of Paylocity in a research note on Tuesday, February 6th. They set a buy rating and a $200.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $201.88.

Paylocity Price Performance

Shares of Paylocity stock traded up $18.03 on Friday, hitting $167.63. 2,044,545 shares of the company’s stock traded hands, compared to its average volume of 443,692. The company has a fifty day moving average of $165.30 and a two-hundred day moving average of $163.52. Paylocity has a one year low of $139.40 and a one year high of $230.52. The company has a market capitalization of $9.44 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 3.24 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. Equities research analysts anticipate that Paylocity will post 3.48 earnings per share for the current year.

Insider Activity at Paylocity

In other news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the sale, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven R. Beauchamp sold 7,760 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the completion of the transaction, the chief executive officer now owns 1,746,468 shares of the company’s stock, valued at $291,572,832.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,547 shares of company stock valued at $9,356,359. Company insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Several hedge funds and other institutional investors have recently bought and sold shares of the company. WCM Investment Management LLC lifted its holdings in shares of Paylocity by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after acquiring an additional 69 shares during the last quarter. Avior Wealth Management LLC boosted its position in Paylocity by 2.4% during the fourth quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after buying an additional 76 shares during the period. Shaker Investments LLC OH grew its stake in shares of Paylocity by 0.3% during the fourth quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after buying an additional 77 shares during the last quarter. Seven Eight Capital LP increased its holdings in shares of Paylocity by 4.9% in the third quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock worth $301,000 after buying an additional 78 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after acquiring an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.