Mizuho Cuts Paylocity (NASDAQ:PCTY) Price Target to $220.00

Paylocity (NASDAQ:PCTY) had its price target lowered by Mizuho from $245.00 to $220.00 in a research report report published on Tuesday, MarketBeat reports. The firm currently has an outperform rating on the software maker’s stock.

A number of other research firms have also recently weighed in on PCTY. Jefferies Financial Group raised their price target on shares of Paylocity from $240.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 7th. KeyCorp upped their price target on Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Needham & Company LLC boosted their target price on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $254.00 price target (up from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Finally, UBS Group boosted their price target on Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $229.82.

Paylocity Price Performance

Shares of PCTY opened at $183.98 on Tuesday. The stock has a market capitalization of $10.28 billion, a PE ratio of 47.17, a PEG ratio of 4.49 and a beta of 0.76. The company has a 50 day moving average price of $194.20 and a 200-day moving average price of $194.49. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. Paylocity has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

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

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 26,252 shares of the firm’s stock in a transaction dated 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 directly owns 420,000 shares of the company’s stock, valued at $81,862,200. This trade represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.91% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently made changes to their positions in the company. Certuity LLC acquired a new stake in Paylocity during the fourth quarter valued at $232,000. Barclays PLC increased its stake in shares of Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after purchasing an additional 5,609 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after purchasing an additional 5,742 shares during the period. SBI Securities Co. Ltd. purchased a new position in Paylocity during the fourth quarter worth approximately $29,000. Finally, Park Avenue Securities LLC grew its holdings in Paylocity by 63.3% in the fourth quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker’s stock valued at $1,115,000 after purchasing an additional 2,167 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.