Paylocity (NASDAQ:PCTY) Sets New 1-Year Low After Analyst Downgrade

Paylocity Holding Co. (NASDAQ:PCTYGet Free Report) shares reached a new 52-week low on Tuesday after Jefferies Financial Group lowered their price target on the stock from $180.00 to $145.00. Jefferies Financial Group currently has a hold rating on the stock. Paylocity traded as low as $132.60 and last traded at $133.75, with a volume of 36378 shares traded. The stock had previously closed at $135.10.

PCTY has been the topic of a number of other research reports. KeyCorp raised their target price on shares of Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Citigroup lowered their target price on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. Piper Sandler dropped their target price on shares of Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Barclays raised their price target on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Finally, Robert W. Baird lowered their price objective on Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 18th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and a consensus target price of $190.65.

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Insider Buying and Selling

In other Paylocity news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total value 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 Securities & Exchange Commission, which is available through this hyperlink. 22.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

Hedge funds have recently made changes to their positions in the company. Venturi Wealth Management LLC raised its stake in Paylocity by 144.1% in the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after buying an additional 98 shares in the last quarter. American National Bank purchased a new stake in shares of Paylocity during the 4th quarter worth $31,000. GAMMA Investing LLC purchased a new position in Paylocity in the fourth quarter valued at about $36,000. J.Safra Asset Management Corp raised its holdings in Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares in the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Paylocity during the fourth quarter valued at about $41,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Performance

The business’s fifty day moving average price is $153.36 and its two-hundred day moving average price is $160.98. The firm has a market capitalization of $7.55 billion, a P/E ratio of 39.27, a PEG ratio of 2.49 and a beta of 0.90.

Paylocity (NASDAQ:PCTYGet Free Report) last released its quarterly 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. 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 analyst estimates of $396.93 million. Sell-side analysts predict that Paylocity Holding Co. will post 3.95 earnings per share for the current year.

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.

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