Paylocity (NASDAQ:PCTY) Hits New 52-Week Low on Analyst Downgrade

Paylocity Holding Co. (NASDAQ:PCTYGet Free Report)’s share price reached a new 52-week low during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $225.00 to $195.00. Robert W. Baird currently has an outperform rating on the stock. Paylocity traded as low as $135.57 and last traded at $136.56, with a volume of 90030 shares traded. The stock had previously closed at $137.97.

PCTY has been the topic of several other research reports. Barclays boosted their target price on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. TD Cowen lowered their price target on Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Piper Sandler lowered their price target on Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price target on shares of Paylocity in a research report on Friday, May 3rd. Finally, KeyCorp boosted their price target on Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and an average price target of $195.65.

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Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Venturi Wealth Management LLC increased its position in Paylocity by 144.1% during the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after buying an additional 98 shares in the last quarter. American National Bank bought a new stake in shares of Paylocity in the 4th quarter worth $31,000. GAMMA Investing LLC bought a new stake in shares of Paylocity in the 4th quarter worth $36,000. J.Safra Asset Management Corp increased its holdings in shares of 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. Finally, Principal Securities Inc. purchased a new position in shares of Paylocity in the 4th quarter worth $41,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Trading Down 1.2 %

The stock has a market capitalization of $7.69 billion, a PE ratio of 40.11, a P/E/G ratio of 2.54 and a beta of 0.90. The stock has a 50 day moving average price of $156.73 and a 200-day moving average price of $161.70.

Paylocity (NASDAQ:PCTYGet Free Report) last released its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.29. The company had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. Research analysts forecast that Paylocity Holding Co. will post 3.95 earnings per share for the current year.

Paylocity Company Profile

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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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