Paylocity (NASDAQ:PCTY) Price Target Cut to $186.00 by Analysts at KeyCorp

Paylocity (NASDAQ:PCTYFree Report) had its price target decreased by KeyCorp from $197.00 to $186.00 in a research note published on Friday morning, Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Several other brokerages have also recently weighed in on PCTY. cut Paylocity from a buy rating to a hold rating in a research note on Wednesday, November 29th. Mizuho decreased their price objective on Paylocity from $170.00 to $155.00 and set a neutral rating for the company in a report on Friday. Citigroup lifted their price objective on Paylocity from $180.00 to $182.00 and gave the stock a neutral rating in a report on Wednesday, January 31st. TheStreet lowered Paylocity from a b- rating to a c+ rating in a report on Thursday, November 2nd. Finally, Bank of America assumed coverage on Paylocity in a research report on Thursday, October 26th. They issued a neutral rating and a $210.00 target price for the company. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to, the company currently has a consensus rating of Moderate Buy and an average target price of $207.47.

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Paylocity Stock Up 5.3 %

Shares of PCTY opened at $174.95 on Friday. Paylocity has a 12-month low of $139.40 and a 12-month high of $230.52. The business’s fifty day moving average is $160.08 and its 200 day moving average is $176.08. The stock has a market cap of $9.83 billion, a P/E ratio of 59.10, a P/E/G ratio of 2.87 and a beta of 0.89.

Insider Activity

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the transaction, the chief financial officer now owns 34,152 shares of the company’s stock, valued at $5,582,827.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 1,622 shares of company stock valued at $262,902 over the last ninety days. 22.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PCTY. Capital International Investors bought a new position in shares of Paylocity in the second quarter worth about $101,952,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Paylocity during the fourth quarter worth about $82,172,000. Liontrust Investment Partners LLP purchased a new stake in shares of Paylocity during the third quarter worth about $90,181,000. Norges Bank purchased a new stake in shares of Paylocity during the fourth quarter worth about $86,063,000. Finally, Clearbridge Investments LLC grew its position 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 in the last quarter. Institutional investors own 73.65% of the company’s stock.

About Paylocity

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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.

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