Paylocity (NASDAQ:PCTY) PT Lowered to $172.00 at Piper Sandler

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

Several other brokerages also recently commented on PCTY. Jefferies Financial Group lowered their price objective on Paylocity from $180.00 to $145.00 and set a hold rating for the company in a research note on Monday, June 24th. Stifel Nicolaus lowered their price target on Paylocity from $205.00 to $185.00 and set a buy rating for the company in a research report on Wednesday, June 5th. Barclays cut their price objective on shares of Paylocity from $178.00 to $160.00 and set an equal weight rating on the stock in a report on Tuesday, July 16th. Citigroup lowered their target price on shares of Paylocity from $178.00 to $155.00 and set a neutral rating for the company in a report on Tuesday, June 18th. Finally, Needham & Company LLC restated a buy rating and set a $200.00 price target on shares of Paylocity in a report on Friday. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $179.40.

Paylocity Stock Performance

Shares of NASDAQ PCTY traded down $5.31 during midday trading on Friday, hitting $152.78. 530,210 shares of the stock traded hands, compared to its average volume of 528,487. Paylocity has a one year low of $129.94 and a one year high of $210.68. The business has a 50 day moving average price of $140.64 and a two-hundred day moving average price of $156.89. The company has a market cap of $8.62 billion, a PE ratio of 44.58, a P/E/G ratio of 2.59 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. The firm had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The business’s revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.76 earnings per share. As a group, equities research analysts forecast that Paylocity will post 4.14 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on 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 in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Nicholas Rost sold 331 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following 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 is available at this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the transaction, the chief executive officer now 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 a total of 51,173 shares of company stock valued at $7,296,388 over the last three months. 22.50% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently bought and sold shares of PCTY. Capital International Investors grew its stake 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. Wasatch Advisors LP raised its position in Paylocity by 35.0% during 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 in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Paylocity during the fourth quarter worth about $82,172,000. Clearbridge Investments LLC lifted its stake in 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 during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Paylocity by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after purchasing an additional 278,607 shares in the last quarter. 94.76% of the stock is currently 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.