Paylocity (NASDAQ:PCTY) PT Lowered to $194.00 at Piper Sandler

Paylocity (NASDAQ:PCTY) had its price target trimmed by Piper Sandler from $210.00 to $194.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an overweight rating on the software maker’s stock.

A number of other brokerages have also issued reports on PCTY. Citigroup increased their target price on shares of Paylocity from $180.00 to $182.00 and gave the stock a neutral rating in a research report on Wednesday, January 31st. JMP Securities restated a market outperform rating and set a $250.00 target price on shares of Paylocity in a research report on Monday, January 22nd. BTIG Research started coverage on shares of Paylocity in a research report on Tuesday, February 6th. They set a buy rating and a $200.00 target price on the stock. Truist Financial decreased their target price on shares of Paylocity from $250.00 to $200.00 and set a buy rating on the stock in a research report on Friday, February 9th. Finally, Needham & Company LLC restated a buy rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Stock Up 0.9 %

Shares of PCTY stock traded up $1.57 on Friday, reaching $169.20. The stock had a trading volume of 28,729 shares, compared to its average volume of 487,638. Paylocity has a 12 month low of $139.40 and a 12 month high of $230.52. The firm has a market capitalization of $9.53 billion, a price-to-earnings ratio of 48.73, a P/E/G ratio of 3.63 and a beta of 0.88. The firm’s 50-day moving average is $165.30 and its two-hundred day moving average is $162.98.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The business had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. On average, sell-side analysts forecast that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jeffrey T. Diehl sold 1,760 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total transaction of $302,086.40. Following the completion of the transaction, the director now owns 14,704 shares of the company’s stock, valued at $2,523,794.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total transaction of $302,086.40. Following the completion of the sale, the director now directly owns 14,704 shares in the company, valued at $2,523,794.56. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the sale, the director now owns 16,391 shares of the company’s stock, valued at $2,762,703.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,547 shares of company stock valued at $9,356,359. Insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently made changes to their positions in PCTY. WCM Investment Management LLC raised its stake in Paylocity by 2.3% in the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock valued at $525,000 after purchasing an additional 69 shares in the last quarter. Avior Wealth Management LLC raised its stake in Paylocity by 2.4% in the fourth quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares in the last quarter. Shaker Investments LLC OH raised its stake in Paylocity by 0.3% in the fourth quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after purchasing an additional 77 shares in the last quarter. Seven Eight Capital LP raised its stake in Paylocity by 4.9% in the third quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after purchasing an additional 78 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares in the last quarter. 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.