TD Cowen Lowers Paylocity (NASDAQ:PCTY) Price Target to $180.00

Paylocity (NASDAQ:PCTY) had its price objective decreased by research analysts at TD Cowen from $188.00 to $180.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the software maker’s stock. TD Cowen’s target price would suggest a potential upside of 7.38% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Citigroup lifted their price target on shares of Paylocity from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, January 31st. JMP Securities restated a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a report on Monday, January 22nd. Mizuho decreased their price target on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Truist Financial cut their price objective on Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $180.00 target price (down previously from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $201.88.

Paylocity Trading Up 12.1 %

Shares of PCTY traded up $18.03 during mid-day trading on Friday, reaching $167.63. The company had a trading volume of 2,044,545 shares, compared to its average volume of 443,692. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of 48.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. The firm has a fifty day simple moving average of $165.30 and a 200-day simple moving average of $163.23. Paylocity has a fifty-two week low of $139.40 and a fifty-two week high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The firm had revenue of $326.36 million during the quarter, compared to the consensus estimate of $324.34 million. Paylocity had a return on equity of 23.25% and a net margin of 14.42%. As a group, equities analysts predict that Paylocity will post 3.48 EPS for the current fiscal year.

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $166.95, for a total value of $1,295,532.00. Following the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. In the last three months, insiders sold 54,547 shares of company stock worth $9,356,359. 22.50% of the stock is currently owned by insiders.

Institutional Trading of Paylocity

Several institutional investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC lifted its position in shares of 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 acquired a new stake in Paylocity during the fourth quarter worth about $31,000. GAMMA Investing LLC bought a new position in Paylocity in the fourth quarter worth about $36,000. Principal Securities Inc. acquired a new position in Paylocity in the fourth quarter valued at approximately $41,000. Finally, RiverPark Advisors LLC bought a new position in shares of Paylocity during the third quarter valued at approximately $43,000. Institutional investors own 94.76% of the company’s stock.

Paylocity Company Profile

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.