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

Paylocity (NASDAQ:PCTY) had its price target lowered by TD Cowen from $180.00 to $153.00 in a report published on Thursday, Benzinga reports. The firm currently has a buy rating on the software maker’s stock.

Other analysts also recently issued reports about the company. 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. KeyCorp raised their price objective on Paylocity from $186.00 to $200.00 and gave the stock an overweight rating in a research report on Friday, May 3rd. Stifel Nicolaus reduced their target price on Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a report on Wednesday, June 5th. Robert W. Baird decreased their target price on shares of Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research report on Tuesday. Finally, Barclays boosted their price target on shares of Paylocity from $166.00 to $178.00 and gave the stock an equal weight rating in a research report on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $192.71.

Paylocity Stock Up 1.5 %

Shares of PCTY opened at $135.86 on Thursday. The business has a 50-day simple moving average of $154.58 and a two-hundred day simple moving average of $161.15. Paylocity has a 12-month low of $132.61 and a 12-month high of $230.52. The stock has a market cap of $7.67 billion, a PE ratio of 39.49, a PEG ratio of 2.45 and a beta of 0.89.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The business had revenue of $401.28 million during the quarter, compared to analyst estimates of $396.93 million. On average, equities research analysts expect that Paylocity will post 3.95 EPS for the current year.

Insider Buying and Selling

In other news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 22.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. WCM Investment Management LLC grew its holdings in shares of Paylocity by 2.3% in the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock valued at $525,000 after acquiring an additional 69 shares in the last quarter. Avior Wealth Management LLC grew its stake in Paylocity by 2.4% in the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH grew its stake in Paylocity by 0.3% in the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after purchasing an additional 77 shares during the period. Seven Eight Capital LP increased its position in shares of Paylocity by 4.9% during the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after purchasing an additional 78 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

About Paylocity

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.