Paylocity Analysts Slash Their Forecasts After Q1 Results

Paylocity Holding Corporation PCTY posted better-than-expected earnings for the first quarter on Thursday.

Paylocity posted adjusted earnings of $1.40 per share, topping market estimates of $1.14 per share. The company’s revenue came in at $317.6 million versus expectations of $316 million.

Paylocity shares fell 14.1% to trade at $147.72 on Friday.

These analysts made changes to their price targets on Paylocity following earnings announcement.

• Piper Sandler lowered the price target on Paylocity from $249 to $207. Piper Sandler analyst Arvind Ramnani maintained an Overweight rating.
• Keybanc cut the price target on Paylocity from $255 to $197. Keybanc analyst Jason Celino maintained an Overweight rating.
• Needham cut the price target on Paylocity from $325 to $200. Needham analyst Scott Berg maintained a Buy rating.

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