Paylocity (NASDAQ:PCTY) PT Lowered to $172.00

Paylocity (NASDAQ:PCTY) had its price objective decreased by Piper Sandler from $194.00 to $172.00 in a research note published on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the software maker’s stock.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group decreased their price target on Paylocity from $180.00 to $145.00 and set a hold rating for the company in a research note on Monday, June 24th. TD Cowen reduced their price objective on Paylocity from $180.00 to $153.00 and set a buy rating on the stock in a research note on Thursday, June 20th. Stifel Nicolaus lowered their target price on shares of Paylocity from $205.00 to $185.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Truist Financial dropped their target price on shares of Paylocity from $200.00 to $195.00 and set a buy rating on the stock in a report on Wednesday, July 31st. Finally, Robert W. Baird decreased their price target on shares of Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a report on Tuesday, June 18th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $179.40.

Paylocity Stock Down 3.4 %

Shares of PCTY traded down $5.31 during trading hours on Friday, reaching $152.78. 530,210 shares of the company traded hands, compared to its average volume of 528,487. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $210.68. The stock has a fifty day simple moving average of $140.64 and a 200 day simple moving average of $156.89. The stock has a market capitalization of $8.62 billion, a PE ratio of 44.58, a price-to-earnings-growth ratio of 2.59 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same quarter last year, the firm posted $0.76 earnings per share. Paylocity’s revenue for the quarter was up 15.8% compared to the same quarter last year. Research analysts predict that Paylocity will post 4.14 EPS for the current fiscal year.

Insider Activity at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction on Monday, June 17th. The stock was 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 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 SEC, which can be accessed through the SEC website. In related news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now owns 4,751 shares in the company, valued at approximately $659,106.23. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The disclosure for this sale can be found here. Insiders have sold 51,173 shares of company stock worth $7,296,388 over the last ninety days. Company insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several institutional investors have recently added to or reduced their stakes in PCTY. Venturi Wealth Management LLC increased its position in shares of Paylocity by 144.1% in the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after acquiring an additional 98 shares during the last quarter. American National Bank acquired a new position in Paylocity during the fourth quarter worth $31,000. GAMMA Investing LLC bought a new stake in Paylocity during the fourth quarter worth $36,000. Rothschild Investment LLC acquired a new stake in Paylocity in the second quarter valued at $40,000. Finally, Principal Securities Inc. bought a new position in shares of Paylocity in the 4th quarter valued at about $41,000. 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.