Citi raised the firm’s price target on Paylocity to $178 from $176 and keeps a Neutral rating on the shares. The analyst says human resource software “remained downtrodden” in Q1 with still no indication of a recovery in the demand backdrop. Macro trends were stable-to-worse with some indications of down-market churn and no material improvement in upmarket cycle times, while underlying employment trends were largely in-line with expectations, the analyst tells investors in a research note.
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Read More on PCTY:
- Paylocity price target lowered to $194 from $210 at Piper Sandler
- Paylocity price target lowered to $180 from $188 at TD Cowen
- Paylocity price target raised to $200 from $186 at KeyBanc
- Paylocity price target raised to $178 from $166 at Barclays
- Paylocity sees FY24 revenue $1.393B-$1.397B, consensus $1.39B