Paylocity price target lowered to $166 from $174 at Barclays

Barclays lowered the firm’s price target on Paylocity to $166 from $174 and keeps an Equal Weight rating on the shares. The analyst expects the shares to see pressure in the short term after in-line Q2 revenue and below Street sales guidance. The current macro is weighing on the industry and Paylocity is just seeing what other down market peers are experiencing, the analyst tells investors in a research note.