Legal & General Group Plc bought a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY – Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 57,031 shares of the software maker’s stock, valued at approximately $5,961,000.
A number of other hedge funds have also modified their holdings of the business. Los Angeles Capital Management LLC purchased a new position in shares of Paylocity in the fourth quarter worth about $30,000. Advisory Services Network LLC acquired a new stake in Paylocity in the 3rd quarter valued at about $38,000. Optiver Holding B.V. grew its position in shares of Paylocity by 5,925.0% in the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Paylocity in the second quarter valued at approximately $27,000. Finally, Basecamp Wealth Advisors LLC increased its holdings in shares of Paylocity by 4,250.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after purchasing an additional 255 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. Stephens reduced their price objective on Paylocity from $160.00 to $120.00 and set an “equal weight” rating on the stock in a research report on Friday, May 8th. Truist Financial cut their target price on Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a research note on Monday, June 29th. Citizens Jmp reduced their price target on Paylocity from $170.00 to $150.00 and set a “market outperform” rating on the stock in a report on Friday, May 8th. Jefferies Financial Group reissued a “buy” rating and issued a $165.00 price objective on shares of Paylocity in a report on Wednesday, August 5th. Finally, Citigroup restated a “buy” rating on shares of Paylocity in a research report on Thursday, August 6th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $160.53.
Paylocity Price Performance
PCTY stock opened at $154.43 on Friday. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $178.91. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 31.20 and a beta of 0.45. The business has a fifty day moving average of $135.73 and a two-hundred day moving average of $117.60.
Paylocity (NASDAQ:PCTY – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.62 by $0.22. The business had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.56 EPS. As a group, research analysts anticipate that Paylocity Holding Corporation will post 6.92 earnings per share for the current year.
Insider Buying and Selling at Paylocity
In related news, CFO Ryan Glenn sold 3,345 shares of Paylocity stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $149.75, for a total value of $500,913.75. Following the completion of the sale, the chief financial officer owned 122,563 shares in the company, valued at approximately $18,353,809.25. This trade represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven I. Sarowitz sold 19,459 shares of Paylocity stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the sale, the director directly owned 4,453,495 shares of the company’s stock, valued at $702,672,441.10. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 54,145 shares of company stock valued at $8,312,067. 19.40% of the stock is currently owned by company insiders.
Paylocity Company Profile
Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.
In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.
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