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

Paylocity (NASDAQ:PCTY) had its price target reduced by equities research analysts at Piper Sandler from $210.00 to $194.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software maker’s stock. Piper Sandler’s target price points to a potential upside of 29.68% from the stock’s current price.

A number of other brokerages have also recently weighed in on PCTY. JMP Securities restated a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research note on Monday, January 22nd. KeyCorp reduced their price objective on shares of Paylocity from $197.00 to $186.00 and set an “overweight” rating for the company in a research note on Friday, February 9th. Mizuho cut their target price on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. Needham & Company LLC reiterated a “buy” rating and set a $200.00 target price on shares of Paylocity in a research note on Friday, February 9th. Finally, Truist Financial cut their target price on shares of Paylocity from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday, February 9th. Eight 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 stock presently has an average rating of “Moderate Buy” and an average target price of $204.13.

Paylocity Stock Performance

Shares of PCTY opened at $149.60 on Friday. The company’s 50 day moving average price is $165.41 and its 200 day moving average price is $163.74. Paylocity has a 52 week low of $139.40 and a 52 week high of $230.52. The company has a market capitalization of $8.43 billion, a PE ratio of 50.54, a PEG ratio of 3.24 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to the consensus estimate of $324.34 million. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. On average, equities analysts forecast that Paylocity will post 3.48 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In related news, Director Jeffrey T. Diehl sold 1,760 shares of Paylocity stock in a transaction dated 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 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 Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Katherine Ross sold 491 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jeffrey T. Diehl sold 1,760 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total transaction of $302,086.40. Following the sale, the director now directly owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by insiders.

Institutional Trading of Paylocity

Several hedge funds have recently modified their holdings of the company. Central Pacific Bank Trust Division bought a new stake in shares of Paylocity during the first quarter valued at approximately $219,000. FORA Capital LLC bought a new stake in shares of Paylocity during the first quarter valued at approximately $1,540,000. Daiwa Securities Group Inc. grew its stake in shares of Paylocity by 3.6% during the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock valued at $498,000 after purchasing an additional 100 shares during the last quarter. Hardy Reed LLC bought a new stake in shares of Paylocity during the first quarter valued at approximately $205,000. Finally, Janney Montgomery Scott LLC boosted its holdings in Paylocity by 12.6% in the first quarter. Janney Montgomery Scott LLC now owns 6,343 shares of the software maker’s stock valued at $1,090,000 after acquiring an additional 708 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

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.