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

Paylocity (NASDAQ:PCTYFree Report) had its price objective decreased by Truist Financial from $250.00 to $200.00 in a research note issued to investors on Friday morning, Benzinga reports. Truist Financial currently has a buy rating on the software maker’s stock.

Several other equities research analysts have also recently commented on PCTY. Jefferies Financial Group reaffirmed a hold rating and issued a $180.00 price target (down previously from $240.00) on shares of Paylocity in a report on Friday, January 5th. BTIG Research began coverage on Paylocity in a report on Tuesday, February 6th. They issued a buy rating and a $200.00 price target for the company. TheStreet cut Paylocity from a b- rating to a c+ rating in a report on Thursday, November 2nd. JMP Securities reaffirmed a market outperform rating and issued a $250.00 price target on shares of Paylocity in a report on Monday, January 22nd. Finally, Piper Sandler increased their price target on Paylocity from $207.00 to $210.00 and gave the company an overweight rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Paylocity presently has an average rating of Moderate Buy and an average target price of $207.47.

View Our Latest Stock Report on PCTY

Paylocity Price Performance

NASDAQ PCTY opened at $174.95 on Friday. The company has a market cap of $9.83 billion, a PE ratio of 59.10, a price-to-earnings-growth ratio of 2.87 and a beta of 0.89. The stock’s 50 day simple moving average is $160.08 and its 200-day simple moving average is $176.08. Paylocity has a 1-year low of $139.40 and a 1-year high of $230.52.

Insider Activity

In other news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the completion of the sale, the chief financial officer now directly owns 34,152 shares of the company’s stock, valued at $5,582,827.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 1,622 shares of company stock valued at $262,902. 22.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Paylocity by 0.6% in the third quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock valued at $753,012,000 after purchasing an additional 25,562 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in Paylocity by 10.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,721,425 shares of the software maker’s stock valued at $334,405,000 after purchasing an additional 156,945 shares during the period. Wasatch Advisors LP boosted its holdings in Paylocity by 2.7% in the second quarter. Wasatch Advisors LP now owns 1,501,674 shares of the software maker’s stock valued at $277,104,000 after purchasing an additional 39,646 shares during the period. Invesco Ltd. boosted its holdings in Paylocity by 20.7% in the first quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock valued at $284,399,000 after purchasing an additional 236,876 shares during the period. Finally, State Street Corp lifted its holdings in Paylocity by 0.3% during the 2nd quarter. State Street Corp now owns 1,285,405 shares of the software maker’s stock worth $237,196,000 after buying an additional 3,620 shares during the last quarter. 73.65% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Company Profile

(Get Free Report)

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.

Recommended Stories

Analyst Recommendations for Paylocity (NASDAQ:PCTY)

Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.