Paylocity price target lowered to $174 from $180 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on Paylocity to $174 from $180 and keeps an Equal Weight rating on the shares. The analyst believes “we are in the middle of a year-end rally in software.” Looking at current valuation levels shows that enterprise value to sales multiples are up by a full turn since early November, but still below the long-term average, which could provide further support, the analyst tells investors in a research note. The firm moved price targets to a 2025 base year, which lowers multiples further.