Jefferies Financial Group Cuts Paylocity (NASDAQ:PCTY) Price Target to $145.00

Paylocity (NASDAQ:PCTY) had its price target cut by Jefferies Financial Group from $180.00 to $145.00 in a report published on Monday morning, Benzinga reports. They currently have a hold rating on the software maker’s stock.

Several other equities analysts have also recently commented on the stock. Stifel Nicolaus reduced their price objective on shares of Paylocity from $205.00 to $185.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Piper Sandler reduced their price objective on shares of Paylocity from $210.00 to $194.00 and set an overweight rating for the company in a research note on Friday, May 3rd. Barclays boosted their price objective on shares of Paylocity from $166.00 to $178.00 and gave the company an equal weight rating in a research note on Friday, May 3rd. Needham & Company LLC reissued a buy rating and issued a $200.00 price target on shares of Paylocity in a research note on Friday, May 3rd. Finally, Robert W. Baird cut their price target on shares of Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research note on Tuesday, June 18th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $190.65.

Paylocity Stock Up 0.2 %

NASDAQ PCTY opened at $132.21 on Monday. The company’s 50 day moving average is $151.84 and its 200-day moving average is $160.44. The firm has a market cap of $7.46 billion, a P/E ratio of 38.43, a price-to-earnings-growth ratio of 2.44 and a beta of 0.89. Paylocity has a 12-month low of $131.00 and a 12-month high of $230.52.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.28 by $0.29. The company had revenue of $401.28 million during the quarter, compared to analysts’ expectations of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. Equities analysts expect that Paylocity will post 3.95 EPS for the current year.

Insider Transactions at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now directly owns 4,751 shares in the company, valued at approximately $659,106.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

Hedge funds and other institutional investors have recently modified their holdings of the company. Venturi Wealth Management LLC raised its stake in shares of Paylocity by 144.1% during the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after acquiring an additional 98 shares during the last quarter. American National Bank bought a new position in shares of Paylocity during the fourth quarter valued at about $31,000. GAMMA Investing LLC bought a new position in shares of Paylocity during the fourth quarter valued at about $36,000. J.Safra Asset Management Corp raised its stake in shares of Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the last quarter. Finally, Principal Securities Inc. bought a new position in Paylocity in the fourth quarter worth about $41,000. 94.76% of the stock is owned by 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.