Citigroup Cuts Paylocity (NASDAQ:PCTY) Price Target to $225.00

Paylocity (NASDAQ:PCTY) had its price objective reduced by Citigroup from $246.00 to $225.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the software maker’s stock.

PCTY has been the topic of a number of other research reports. Mizuho reduced their price target on Paylocity from $245.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Needham & Company LLC lifted their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. TD Cowen dropped their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Piper Sandler restated an “overweight” rating and issued a $254.00 price objective (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Finally, UBS Group boosted their target price on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $226.12.

Paylocity Stock Performance

NASDAQ PCTY opened at $194.16 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $10.85 billion, a P/E ratio of 49.78, a P/E/G ratio of 4.49 and a beta of 0.76. The stock has a 50-day moving average of $189.31 and a two-hundred day moving average of $196.04. Paylocity has a 1-year low of $129.94 and a 1-year high of $223.80.

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

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 23,243 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 470,452 shares of the company’s stock, valued at approximately $89,856,332. This trade represents a 4.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Paylocity by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker’s stock worth $803,745,000 after acquiring an additional 46,183 shares during the period. Invesco Ltd. lifted its holdings in shares of Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock valued at $265,737,000 after buying an additional 320,319 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Paylocity by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker’s stock valued at $214,275,000 after buying an additional 25,182 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Paylocity by 0.8% in the fourth quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker’s stock valued at $172,300,000 after buying an additional 7,251 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Paylocity by 138.5% during the 4th quarter. FMR LLC now owns 650,599 shares of the software maker’s stock worth $129,775,000 after purchasing an additional 377,835 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.