TD Cowen Has Lowered Expectations for Paylocity (NASDAQ:PCTY) Stock Price

Paylocity (NASDAQ:PCTY) had its price target reduced by equities researchers at TD Cowen from $155.00 to $137.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the software maker’s stock. TD Cowen’s price target would indicate a potential upside of 30.08% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Paylocity in a research note on Friday, April 24th. UBS Group increased their price target on Paylocity from $114.00 to $115.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Zacks Research raised Paylocity from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 20th. Jefferies Financial Group set a $135.00 price objective on Paylocity in a research report on Saturday, May 9th. Finally, Raymond James Financial set a $140.00 price objective on Paylocity in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $157.44.

Paylocity Price Performance

NASDAQ:PCTY traded up $4.84 on Friday, reaching $105.32. The stock had a trading volume of 252,017 shares, compared to its average volume of 819,648. The company has a market capitalization of $5.64 billion, a P/E ratio of 22.46 and a beta of 0.51. Paylocity has a 1-year low of $92.99 and a 1-year high of $197.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $107.36 and a 200-day moving average price of $119.65.

Insider Activity

In other news, SVP Andrew Cappotelli sold 899 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by company insiders.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Optiver Holding B.V. lifted its position in Paylocity by 5,925.0% during the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Paylocity during the fourth quarter worth approximately $27,000. Basecamp Wealth Advisors LLC lifted its holdings in Paylocity by 4,250.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after buying an additional 255 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Paylocity by 363.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock valued at $29,000 after buying an additional 149 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in Paylocity in the fourth quarter valued at approximately $30,000. 94.76% of the stock is owned by institutional investors.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.