Paylocity (NASDAQ:PCTY) Price Target Cut to $155.00 by Analysts at Citigroup

Paylocity (NASDAQ:PCTY) had its price objective decreased by Citigroup from $178.00 to $155.00 in a research report report published on Tuesday, Benzinga reports. Citigroup currently has a neutral rating on the software maker’s stock.

Other research analysts have also issued reports about the company. Needham & Company LLC reissued a buy rating and issued a $200.00 price objective on shares of Paylocity in a research report on Friday, May 3rd. Stifel Nicolaus cut their price target on Paylocity from $205.00 to $185.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Robert W. Baird cut their price target on Paylocity from $225.00 to $195.00 and set an outperform rating for the company in a research note on Tuesday. Barclays lifted their price target on 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 cut their price target on Paylocity from $188.00 to $180.00 and set a buy rating for the company in a research note on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $194.29.

Paylocity Stock Down 3.0 %

Shares of NASDAQ:PCTY opened at $133.87 on Tuesday. The firm has a market cap of $7.55 billion, a P/E ratio of 38.92, a P/E/G ratio of 2.54 and a beta of 0.90. Paylocity has a 12-month low of $133.72 and a 12-month high of $230.52. The business has a fifty day simple moving average of $155.96 and a 200 day simple moving average of $161.52.

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

Insider Buying and Selling

In related news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of hedge funds have recently modified their holdings of PCTY. Pathstone Family Office LLC raised its holdings in shares of Paylocity by 18.0% in the 3rd quarter. Pathstone Family Office LLC now owns 1,748 shares of the software maker’s stock worth $318,000 after purchasing an additional 267 shares during the period. HighTower Advisors LLC raised its holdings in Paylocity by 3.6% during the 3rd quarter. HighTower Advisors LLC now owns 5,678 shares of the software maker’s stock valued at $1,029,000 after acquiring an additional 199 shares during the period. Korea Investment CORP raised its holdings in Paylocity by 29.9% during the 3rd quarter. Korea Investment CORP now owns 11,107 shares of the software maker’s stock valued at $2,018,000 after acquiring an additional 2,558 shares during the period. QRG Capital Management Inc. bought a new stake in Paylocity during the 3rd quarter valued at $217,000. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in Paylocity during the 3rd quarter valued at $1,192,000. Institutional investors own 94.76% of the company’s stock.

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.