TD Cowen Cuts Paylocity (NASDAQ:PCTY) Price Target to $137.00

Paylocity (NASDAQ:PCTY) had its price target reduced by stock analysts at TD Cowen from $155.00 to $137.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Cowen’s target price suggests a potential upside of 30.08% from the stock’s previous close.

PCTY has been the subject of several other reports. Wall Street Zen raised Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, June 20th. Barclays boosted their target price on shares of Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. BMO Capital Markets increased their price target on shares of Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Citigroup raised their price target on shares of Paylocity from $133.00 to $136.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Paylocity in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus target price of $157.44.

Paylocity Stock Performance

PCTY stock traded up $4.84 during mid-day trading on Friday, reaching $105.32. 252,017 shares of the stock traded hands, compared to its average volume of 819,648. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. Paylocity has a 52 week low of $92.99 and a 52 week high of $197.78. The business has a 50-day moving average of $107.36 and a two-hundred day moving average of $119.65. The firm has a market capitalization of $5.64 billion, a PE ratio of 22.46 and a beta of 0.51.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the sale, the senior vice president directly owned 17,679 shares in the company, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Paylocity by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker’s stock valued at $25,551,000 after purchasing an additional 7,594 shares during the period. Focus Partners Wealth boosted its stake in Paylocity by 24.5% in the 1st quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock valued at $256,000 after buying an additional 269 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Paylocity by 537.0% in the second quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock valued at $84,000 after acquiring an additional 392 shares during the period. Marshall Wace LLP grew its position in Paylocity by 2,782.7% in the second quarter. Marshall Wace LLP now owns 35,688 shares of the software maker’s stock valued at $6,466,000 after acquiring an additional 34,450 shares during the period. Finally, Cerity Partners LLC raised its stake in Paylocity by 10.0% during the second quarter. Cerity Partners LLC now owns 19,241 shares of the software maker’s stock worth $3,486,000 after acquiring an additional 1,749 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.