Paylocity (NASDAQ:PCTY) Price Target Cut to $185.00 by Analysts at BTIG Research

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

Several other equities research analysts also recently issued reports on PCTY. Robert W. Baird cut their target price 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. TD Cowen cut their price objective on shares of Paylocity from $180.00 to $153.00 and set a buy rating for the company in a research report on Thursday, June 20th. KeyCorp cut their price objective on shares of Paylocity from $200.00 to $171.00 and set an overweight rating for the company in a research report on Friday, July 19th. Truist Financial cut their price objective on shares of Paylocity from $200.00 to $195.00 and set a buy rating for the company in a research report on Wednesday. Finally, Barclays cut their price objective on shares of Paylocity from $178.00 to $160.00 and set an equal weight rating for the company in a research report on Tuesday, July 16th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Paylocity has an average rating of Moderate Buy and an average target price of $185.41.

Paylocity Price Performance

Paylocity stock opened at $158.09 on Friday. Paylocity has a one year low of $129.94 and a one year high of $217.13. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 45.96, a P/E/G ratio of 2.59 and a beta of 0.92. The firm has a 50-day moving average of $140.64 and a 200-day moving average of $156.84.

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, beating the consensus estimate of $1.28 by $0.29. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The business had revenue of $401.28 million during the quarter, compared to the consensus estimate of $396.93 million. As a group, sell-side analysts expect that Paylocity will post 4.14 earnings per share for the current year.

Insider Activity at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred 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 $248,979,738.96. The disclosure for this sale can be found here. Insiders have sold 51,173 shares of company stock valued at $7,296,388 over the last three months. 22.50% of the stock is owned by insiders.

Institutional Trading of Paylocity

A number of hedge funds have recently added to or reduced their stakes in PCTY. Capital International Investors boosted its position in 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 buying an additional 658,057 shares in the last quarter. Wasatch Advisors LP boosted its position in 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 buying an additional 621,946 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Paylocity in the fourth quarter valued at approximately $82,172,000. Clearbridge Investments LLC lifted its holdings in shares of Paylocity by 2,212.5% during the fourth quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after purchasing an additional 365,435 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Paylocity by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after purchasing an additional 278,607 shares during the period. Institutional investors and hedge funds 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.