Paylocity (NASDAQ:PCTY) Given New $153.00 Price Target at TD Cowen

Paylocity (NASDAQ:PCTYGet Free Report) had its price target lowered by equities researchers at TD Cowen from $180.00 to $153.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the software maker’s stock. TD Cowen’s price target would suggest a potential upside of 12.52% from the company’s current price.

Several other analysts have also commented on the company. Robert W. Baird decreased their price objective on Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $200.00 price objective on shares of Paylocity in a report on Friday, May 3rd. Citigroup decreased their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a report on Tuesday. Barclays increased their price objective on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Finally, Piper Sandler decreased their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and an average target price of $192.71.

View Our Latest Stock Report on PCTY

Paylocity Stock Up 0.1 %

Shares of NASDAQ:PCTY opened at $135.98 on Thursday. Paylocity has a 52-week low of $132.61 and a 52-week high of $230.52. The stock has a market cap of $7.67 billion, a P/E ratio of 39.53, a price-to-earnings-growth ratio of 2.45 and a beta of 0.89. The business’s 50 day moving average is $153.94 and its 200 day moving average is $161.00.

Paylocity (NASDAQ:PCTYGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.29. The company had revenue of $401.28 million for the quarter, compared to analysts’ expectations of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. On average, sell-side analysts anticipate that Paylocity will post 3.95 EPS for the current fiscal year.

Insider Activity

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction dated Monday, June 17th. The stock was 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 in the company, valued at approximately $659,106.23. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Institutional investors have recently bought and sold shares of the company. Venturi Wealth Management LLC boosted its holdings in Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after buying an additional 98 shares during the last quarter. American National Bank purchased a new position in Paylocity in the 4th quarter worth approximately $31,000. GAMMA Investing LLC purchased a new position in Paylocity in the 4th quarter worth approximately $36,000. Principal Securities Inc. purchased a new position in Paylocity in the 4th quarter worth approximately $41,000. Finally, J.Safra Asset Management Corp lifted its stake in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

(Get Free Report)

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.

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