Barclays Cuts Paylocity (NASDAQ:PCTY) Price Target to $160.00

Paylocity (NASDAQ:PCTY) had its price objective lowered by analysts at Barclays from $178.00 to $160.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective suggests a potential upside of 6.47% from the stock’s current price.

PCTY has been the topic of a number of other reports. TD Cowen dropped their price objective on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 20th. Citigroup dropped their price objective on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. 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 research note on Friday, May 3rd. Robert W. Baird dropped their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 18th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Paylocity in a research note on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and a consensus price target of $189.59.

Paylocity Trading Up 2.3 %

NASDAQ PCTY traded up $3.35 on Tuesday, hitting $150.28. 170,520 shares of the company were exchanged, compared to its average volume of 524,962. The company has a market cap of $8.48 billion, a PE ratio of 43.64, a PEG ratio of 2.40 and a beta of 0.93. Paylocity has a 12 month low of $129.94 and a 12 month high of $230.52. The stock has a fifty day moving average of $146.78 and a 200-day moving average of $158.13.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.29. The business had revenue of $401.28 million for the quarter, compared to analyst estimates of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. On average, analysts expect that Paylocity will post 3.95 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Nicholas Rost sold 331 shares of the firm’s stock in a transaction dated 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 owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 22.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Paylocity by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after acquiring an additional 278,607 shares during the period. Vanguard Group Inc. boosted its position in shares of Paylocity by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock valued at $685,483,000 after acquiring an additional 13,962 shares during the period. Wasatch Advisors LP boosted its position in shares of Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares during the period. Capital International Investors boosted its position in shares of Paylocity by 119.0% in the fourth quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after acquiring an additional 658,057 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Paylocity in the fourth quarter valued at approximately $82,172,000. 94.76% of the stock is currently owned by 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.