Paylocity price target lowered to $190 from $215 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Paylocity (PCTY) to $190 from $215 and keeps an Overweight rating on the shares. Paylocity reported a solid beat for Q1, in which Recurring Revenue was nearly $6M above Street estimates, free cash flow and EPS delivered strong upside, and management updated its long-term targets to reflect the improving demand environment and recent launch of Paylocity for Finance and Paylocity for IT, the analyst tells investors in a research note. The price target reduction reflects ongoing multiple compression across the Application Software landscape, Cantor notes.