Paylocity (NASDAQ:PCTY) Given New $200.00 Price Target at Truist Financial

Paylocity (NASDAQ:PCTYFree Report) had its price objective lowered by Truist Financial from $250.00 to $200.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the software maker’s stock.

A number of other equities analysts have also weighed in on PCTY. TheStreet lowered Paylocity from a b- rating to a c+ rating in a research note on Thursday, November 2nd. JMP Securities reiterated a market outperform rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, January 22nd. Citigroup increased their target price on Paylocity from $180.00 to $182.00 and gave the company a neutral rating in a report on Wednesday, January 31st. Jefferies Financial Group reiterated a hold rating and issued a $180.00 price objective (down previously from $240.00) on shares of Paylocity in a report on Friday, January 5th. Finally, Barclays raised their target price on Paylocity from $213.00 to $223.00 and gave the company an equal weight rating in a research note on Thursday, October 12th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $207.47.

Check Out Our Latest Report on Paylocity

Paylocity Stock Performance

Shares of PCTY opened at $174.95 on Friday. The stock’s 50-day simple moving average is $160.08 and its 200 day simple moving average is $176.08. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 59.10, a price-to-earnings-growth ratio of 2.87 and a beta of 0.89. Paylocity has a 52-week low of $139.40 and a 52-week high of $230.52.

Insider Activity at Paylocity

In other news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the transaction, the chief financial officer now directly owns 34,152 shares in the company, valued at $5,582,827.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 1,622 shares of company stock worth $262,902. Corporate insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several large investors have recently made changes to their positions in the company. American National Bank bought a new stake in Paylocity during the fourth quarter worth approximately $31,000. GAMMA Investing LLC bought a new stake in Paylocity during the fourth quarter worth approximately $36,000. Principal Securities Inc. bought a new stake in Paylocity during the fourth quarter worth approximately $41,000. RiverPark Advisors LLC bought a new stake in Paylocity during the third quarter worth approximately $43,000. Finally, Advisors Asset Management Inc. increased its stake in Paylocity by 89.6% during the third quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker’s stock worth $43,000 after acquiring an additional 112 shares during the last quarter. 73.65% of the stock is owned by institutional investors.

Paylocity Company Profile

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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.

Further Reading

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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