Paylocity (NASDAQ:PCTY) Given New $195.00 Price Target at Robert W. Baird

Paylocity (NASDAQ:PCTY) had its price objective trimmed by Robert W. Baird from $225.00 to $195.00 in a report published on Tuesday morning, Benzinga reports. The brokerage currently has an outperform rating on the software maker’s stock.

A number of other brokerages have also recently commented on PCTY. Needham & Company LLC reissued a buy rating and issued a $200.00 price objective on shares of Paylocity in a research note on Friday, May 3rd. Piper Sandler lowered their price objective on shares of Paylocity from $210.00 to $194.00 and set an overweight rating on the stock in a research note on Friday, May 3rd. Stifel Nicolaus lowered their price objective on shares of Paylocity from $205.00 to $185.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. Barclays increased their price objective on shares of Paylocity from $166.00 to $178.00 and gave the company an equal weight rating in a research note on Friday, May 3rd. Finally, TD Cowen lowered their price objective on shares of Paylocity from $188.00 to $180.00 and set a buy rating on the stock in a research note 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’s stock. Based on data from MarketBeat, Paylocity has a consensus rating of Moderate Buy and a consensus price target of $194.29.

Paylocity Stock Down 3.0 %

NASDAQ:PCTY opened at $133.87 on Tuesday. Paylocity has a fifty-two week low of $133.72 and a fifty-two week high of $230.52. The stock has a market cap of $7.55 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 2.54 and a beta of 0.90. The firm’s fifty day simple moving average is $155.96 and its 200-day simple moving average is $161.52.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $396.93 million. Equities analysts anticipate that Paylocity will post 3.95 earnings per share for the current year.

Insider Transactions at Paylocity

In other news, CAO Nicholas Rost sold 331 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the transaction, the chief accounting officer now directly owns 4,751 shares in the company, valued at approximately $659,106.23. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 22.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Cetera Advisors LLC purchased a new position in shares of Paylocity during the 1st quarter worth about $729,000. Cetera Investment Advisers raised its holdings in Paylocity by 128.7% in the first quarter. Cetera Investment Advisers now owns 11,783 shares of the software maker’s stock valued at $2,025,000 after buying an additional 6,630 shares during the period. Swedbank AB purchased a new position in Paylocity in the first quarter valued at approximately $25,848,000. Plato Investment Management Ltd raised its holdings in Paylocity by 4,853.3% in the first quarter. Plato Investment Management Ltd now owns 3,715 shares of the software maker’s stock valued at $638,000 after buying an additional 3,640 shares during the period. Finally, Tidal Investments LLC raised its holdings in Paylocity by 142.3% in the first quarter. Tidal Investments LLC now owns 3,989 shares of the software maker’s stock valued at $686,000 after buying an additional 2,343 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.