Paylocity Analysts Slash Their Forecasts After Q1 Results
Portfolio Pulse from Lisa Levin
Paylocity Holding Corporation (NASDAQ:PCTY) reported better-than-expected Q1 earnings of $1.40 per share, beating market estimates of $1.14 per share. The company's revenue was $317.6 million, slightly above expectations of $316 million. Despite the positive results, Paylocity shares fell 14.1% to trade at $147.72. Analysts from Piper Sandler, Keybanc, and Needham lowered their price targets on Paylocity following the earnings announcement.
November 03, 2023 | 4:02 pm
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Paylocity's Q1 earnings beat expectations, but its shares fell 14.1%. Analysts from Piper Sandler, Keybanc, and Needham lowered their price targets on the company.
Despite reporting better-than-expected Q1 earnings, Paylocity's shares fell significantly. This drop, coupled with the lowering of price targets by several analysts, suggests a negative short-term impact on the company's stock.
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