Stifel Nicolaus Issues Pessimistic Forecast for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY) had its price objective reduced by Stifel Nicolaus from $250.00 to $235.00 in a research note issued to investors on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the software maker’s stock.

A number of other equities analysts also recently issued reports on PCTY. Barclays dropped their price target on Paylocity from $231.00 to $204.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Citigroup cut their price target on Paylocity from $246.00 to $225.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. JMP Securities reiterated a “market outperform” rating and issued a $270.00 price objective on shares of Paylocity in a research note on Tuesday, April 29th. TD Cowen cut their target price on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Mizuho decreased their price target on shares of Paylocity from $245.00 to $220.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $223.00.

Paylocity Trading Down 3.5 %

Paylocity stock opened at $187.33 on Friday. Paylocity has a one year low of $129.94 and a one year high of $223.80. The business’s fifty day moving average is $188.97 and its 200 day moving average is $196.52. The stock has a market capitalization of $10.47 billion, a PE ratio of 48.03, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a net margin of 14.76% and a return on equity of 22.45%. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.21 EPS. On average, sell-side analysts predict that Paylocity will post 4.36 EPS for the current year.

Insider Activity

In related news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now owns 420,000 shares of the company’s stock, valued at approximately $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

A number of institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. purchased a new position in shares of Paylocity in the fourth quarter worth $29,000. USA Financial Formulas bought a new stake in Paylocity in the 1st quarter valued at $29,000. Hughes Financial Services LLC purchased a new stake in Paylocity in the 1st quarter worth $48,000. UMB Bank n.a. boosted its holdings in shares of Paylocity by 41.1% during the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after purchasing an additional 72 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Paylocity by 489.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock valued at $54,000 after purchasing an additional 225 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

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.