Paylocity (NASDAQ:PCTY) Price Target Cut to $204.00 by Analysts at Barclays

Paylocity (NASDAQ:PCTY) had its price target reduced by equities research analysts at Barclays from $231.00 to $204.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the software maker’s stock. Barclays‘s price objective would suggest a potential upside of 11.48% from the stock’s current price.

Other analysts have also issued research reports about the stock. Mizuho cut their price objective on shares of Paylocity from $245.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. StockNews.com cut Paylocity from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Stifel Nicolaus upped their price objective on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $254.00 target price (up previously from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. Finally, Raymond James restated an “outperform” rating and set a $265.00 price target (up previously from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $226.47.

Paylocity Trading Up 1.9 %

NASDAQ PCTY opened at $182.99 on Monday. The stock has a market cap of $10.23 billion, a P/E ratio of 46.92, a P/E/G ratio of 4.49 and a beta of 0.76. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $192.32 and a two-hundred day simple moving average of $195.00. Paylocity has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. On average, analysts forecast that Paylocity will post 4.36 earnings per share for the current year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 23,243 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $191.00, for a total transaction of $4,439,413.00. Following the completion of the sale, the director now owns 470,452 shares in the company, valued at $89,856,332. This trade represents a 4.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PCTY. JPMorgan Chase & Co. lifted its stake in shares of Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after purchasing an additional 385,625 shares during the last quarter. FMR LLC lifted its position in Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker’s stock valued at $129,775,000 after buying an additional 377,835 shares during the last quarter. Invesco Ltd. boosted its stake in Paylocity by 31.7% during the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock worth $265,737,000 after buying an additional 320,319 shares during the period. American Century Companies Inc. increased its position in shares of Paylocity by 190.0% during the fourth quarter. American Century Companies Inc. now owns 349,797 shares of the software maker’s stock valued at $69,774,000 after acquiring an additional 229,179 shares during the last quarter. Finally, Tudor Investment Corp ET AL raised its stake in shares of Paylocity by 6,025.6% in the 4th quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker’s stock valued at $25,085,000 after acquiring an additional 123,705 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.