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

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

PCTY has been the topic of a number of other reports. StockNews.com cut Paylocity from a “buy” rating to a “hold” rating in a report on Monday, February 10th. KeyCorp raised their price objective on Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Stifel Nicolaus increased their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Jefferies Financial Group lifted 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. Finally, UBS Group increased 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 investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and an average price target of $229.82.

Paylocity Stock Up 0.1 %

Paylocity stock opened at $183.98 on Tuesday. Paylocity has a 12 month low of $129.94 and a 12 month high of $223.80. The stock has a fifty day simple moving average of $194.20 and a two-hundred day simple moving average of $194.49. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of 47.17, a PEG ratio of 4.49 and a beta of 0.76.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates 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 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 23,243 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the sale, the director now owns 470,452 shares of the company’s stock, valued at $89,856,332. This trade represents a 4.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PCTY. SBI Securities Co. Ltd. bought a new position in Paylocity in the 4th quarter valued at $29,000. USA Financial Formulas purchased a new position in Paylocity in the 1st quarter worth about $29,000. UMB Bank n.a. lifted its holdings in Paylocity by 41.1% during the 4th 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 in the last quarter. EverSource Wealth Advisors LLC grew its stake in Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker’s stock worth $54,000 after acquiring an additional 225 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its position in shares of Paylocity by 29.9% during the fourth 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. 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.