Mizuho Cuts Paylocity (NASDAQ:PCTY) Price Target to $155.00

Paylocity (NASDAQ:PCTYFree Report) had its price target reduced by Mizuho from $170.00 to $155.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a neutral rating on the software maker’s stock.

A number of other brokerages have also recently weighed in on PCTY. Barclays boosted their price target on shares of Paylocity from $213.00 to $223.00 and gave the company an equal weight rating in a research report on Thursday, October 12th. Jefferies Financial Group reiterated a hold rating and issued a $180.00 price target (down from $240.00) on shares of Paylocity in a research report on Friday, January 5th. UBS Group assumed coverage on shares of Paylocity in a research note on Tuesday, November 7th. They set a neutral rating and a $160.00 price objective on the stock. Needham & Company LLC reissued a buy rating and set a $200.00 price objective on shares of Paylocity in a research note on Friday. Finally, TD Cowen reduced their target price on Paylocity from $195.00 to $185.00 and set an outperform rating on the stock in a report on Monday, December 11th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $207.47.

View Our Latest Analysis on Paylocity

Paylocity Price Performance

NASDAQ PCTY opened at $174.95 on Friday. The firm’s 50-day moving average is $160.08 and its two-hundred day moving average is $176.08. The stock has a market capitalization of $9.83 billion, a P/E ratio of 59.10, a PEG ratio of 2.87 and a beta of 0.89. Paylocity has a 12 month low of $139.40 and a 12 month high of $230.52.

Insider Transactions at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $163.47, for a total value of $228,858.00. Following the sale, the chief financial officer now directly owns 34,152 shares in the company, valued at $5,582,827.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 1,622 shares of company stock worth $262,902 over the last three months. 22.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Paylocity

A number of institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC lifted its stake in Paylocity by 12.9% during the first quarter. HighTower Advisors LLC now owns 5,798 shares of the software maker’s stock worth $1,172,000 after purchasing an additional 664 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in shares of Paylocity during the first quarter worth $14,007,000. Sei Investments Co. increased its holdings in shares of Paylocity by 1.3% during the first quarter. Sei Investments Co. now owns 66,053 shares of the software maker’s stock worth $13,594,000 after buying an additional 876 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Paylocity during the first quarter worth $144,000. Finally, Covestor Ltd increased its holdings in shares of Paylocity by 88.1% during the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock worth $68,000 after buying an additional 155 shares in the last quarter. Institutional investors and hedge funds own 73.65% of the company’s stock.

About Paylocity

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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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Analyst Recommendations for Paylocity (NASDAQ:PCTY)

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