TD Cowen Cuts Paylocity (NASDAQ:PCTY) Price Target to $180.00

Paylocity (NASDAQ:PCTY) had its price objective lowered by TD Cowen from $188.00 to $180.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other research firms also recently issued reports on PCTY. Needham & Company LLC reiterated a buy rating and set a $200.00 price target on shares of Paylocity in a research report on Friday, February 9th. BTIG Research assumed coverage on Paylocity in a report on Tuesday, February 6th. They set a buy rating and a $200.00 price objective for the company. JMP Securities reiterated a market outperform rating and set a $250.00 target price on shares of Paylocity in a research report on Monday, January 22nd. Truist Financial dropped their price target on Paylocity from $250.00 to $200.00 and set a buy rating for the company in a research report on Friday, February 9th. Finally, KeyCorp decreased their price objective on shares of Paylocity from $197.00 to $186.00 and set an overweight rating on the stock in a research report on Friday, February 9th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $196.67.

Paylocity Stock Up 2.0 %

Shares of Paylocity stock traded up $3.43 during trading on Friday, reaching $171.06. The company’s stock had a trading volume of 602,610 shares, compared to its average volume of 494,330. The business has a 50 day moving average price of $165.30 and a 200-day moving average price of $162.98. The company has a market capitalization of $9.64 billion, a P/E ratio of 48.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. Paylocity has a 12-month low of $139.40 and a 12-month high of $230.52.

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

Insider Buying and Selling

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Jeffrey T. Diehl sold 1,760 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the transaction, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,547 shares of company stock worth $9,356,359. 22.50% of the stock is owned by insiders.

Institutional Trading of Paylocity

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Paylocity by 0.3% during 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 stake 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 purchasing an additional 621,946 shares during the period. Capital International Investors lifted its holdings in Paylocity by 119.0% in the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock worth $199,637,000 after buying an additional 658,057 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Paylocity during the fourth quarter valued at about $82,172,000. Finally, Liontrust Investment Partners LLP purchased a new stake in Paylocity during the 3rd quarter worth approximately $90,181,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.