Paylocity (NASDAQ:PCTY) Given New $220.00 Price Target at Mizuho

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

PCTY has been the subject of several other research reports. Piper Sandler reiterated an “overweight” rating and issued a $254.00 price objective (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Needham & Company LLC lifted their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group boosted their price target on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Stifel Nicolaus raised their price objective on shares of Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Jefferies Financial Group boosted their target price on shares of Paylocity from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $232.31.

Paylocity Trading Down 0.3 %

NASDAQ PCTY opened at $186.75 on Tuesday. Paylocity has a one year low of $129.94 and a one year high of $223.80. The firm has a 50 day simple moving average of $195.20 and a 200-day simple moving average of $194.43. The firm has a market cap of $10.44 billion, a price-to-earnings ratio of 47.88, a PEG ratio of 4.49 and a beta of 0.76. 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 (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 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 research analysts anticipate that Paylocity will post 4.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now directly owns 420,000 shares of the company’s stock, valued at approximately $81,862,200. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 21.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently bought and sold shares of PCTY. SBI Securities Co. Ltd. acquired a new position in Paylocity in the 4th quarter valued at about $29,000. USA Financial Formulas purchased a new stake in shares of Paylocity during the first quarter worth about $29,000. UMB Bank n.a. raised its position in shares of Paylocity by 41.1% in the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock valued at $49,000 after buying an additional 72 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Paylocity by 489.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock valued at $54,000 after buying an additional 225 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake in Paylocity by 29.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock worth $55,000 after acquiring an additional 63 shares during the period. Hedge funds and other institutional investors 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.