Piper Sandler Trims Paylocity (NASDAQ:PCTY) Target Price to $194.00

Paylocity (NASDAQ:PCTY) had its price target cut by Piper Sandler from $210.00 to $194.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the software maker’s stock.

PCTY has been the subject of a number of other reports. Jefferies Financial Group restated a hold rating and issued a $180.00 price objective (down from $240.00) on shares of Paylocity in a report on Friday, January 5th. Needham & Company LLC reiterated a buy rating and set a $200.00 price target on shares of Paylocity in a report on Friday, February 9th. KeyCorp lowered their price target on shares of Paylocity from $197.00 to $186.00 and set an overweight rating for the company in a report on Friday, February 9th. BTIG Research assumed coverage on shares of Paylocity in a research report on Tuesday, February 6th. They set a buy rating and a $200.00 price objective on the stock. Finally, Truist Financial reduced their price objective 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. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $196.67.

Paylocity Stock Performance

Paylocity stock traded up $1.57 during mid-day trading on Friday, hitting $169.20. 28,729 shares of the company traded hands, compared to its average volume of 487,638. Paylocity has a one year low of $139.40 and a one year high of $230.52. The stock has a market cap of $9.53 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. The stock has a fifty day moving average price of $165.30 and a 200-day moving average price of $162.98.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $324.34 million. Sell-side analysts predict that Paylocity will post 3.48 EPS for the current year.

Insider Buying and Selling

In related news, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the sale, the director now directly owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Paylocity news, Director Jeffrey T. Diehl sold 1,760 shares of the 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 sale, the director now directly owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Paylocity by 33.0% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 14,100 shares of the software maker’s stock worth $2,562,000 after buying an additional 3,500 shares during the last quarter. Xponance Inc. lifted its position in shares of Paylocity by 2.5% during the third quarter. Xponance Inc. now owns 9,767 shares of the software maker’s stock worth $1,775,000 after purchasing an additional 236 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Paylocity by 2.4% during the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock worth $83,944,000 after purchasing an additional 11,025 shares during the last quarter. Park Avenue Securities LLC bought a new stake in shares of Paylocity during the third quarter worth $991,000. Finally, State of Michigan Retirement System lifted its position in shares of Paylocity by 1.0% during the third quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock worth $1,866,000 after purchasing an additional 100 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other 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.