Paylocity price target lowered to $200 from $250 at Truist

Truist lowered the firm’s price target on Paylocity to $200 from $250 and keeps a Buy rating on the shares. The company saw incremental headwinds in Q2 from macro challenges and execution dynamics, such as elongated sales cycles, moderated employment levels on the platform, and additional time needed for sales reps to ramp, driving below consensus Q3 outlook and FY24 guidance cut, the analyst tells investors in a research note.