Paylocity Holding Corp (PCTY)

Shares of Paylocity Holding Corporation (PCTY) dropped by 15.48% from $171.86 to $145.26 in the trading on Friday, November 3, 2023. The reason why PCTY down is due to changes in price targets. Paylocity reported adjusted earnings of $1.40 per share, surpassing market expectations of $1.14 per share. The company also achieved revenue of $317.6 million, slightly higher than the anticipated $316 million. Despite these positive financial results, several analysts modified their price targets for Paylocity:

• Piper Sandler lowered the price target from $249 to $207 but maintained an Overweight rating.
• Keybanc reduced the price target from $255 to $197 while also maintaining an Overweight rating.
• Needham lowered the price target from $325 to $200 but maintained a Buy rating.