Parkside Financial Bank & Trust Increases Stock Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Parkside Financial Bank & Trust raised its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 8.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,246 shares of the software maker’s stock after acquiring an additional 96 shares during the period. Parkside Financial Bank & Trust’s holdings in Paylocity were worth $205,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Paylocity by 0.6% in the third quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock worth $753,012,000 after buying an additional 25,562 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Paylocity in the fourth quarter worth about $82,172,000. Liontrust Investment Partners LLP purchased a new stake in shares of Paylocity in the third quarter worth about $90,181,000. Westfield Capital Management Co. LP boosted its position in shares of Paylocity by 26.8% in the third quarter. Westfield Capital Management Co. LP now owns 472,517 shares of the software maker’s stock worth $85,856,000 after buying an additional 99,781 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Paylocity by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock worth $83,944,000 after buying an additional 11,025 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PCTY shares. Piper Sandler upped their target price on Paylocity from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Jefferies Financial Group reiterated a “hold” rating and issued a $180.00 price target (down previously from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 price target on shares of Paylocity in a research note on Friday, February 9th. KeyCorp cut their price target on Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a research note on Friday, February 9th. Finally, BTIG Research initiated coverage on Paylocity in a research note on Tuesday, February 6th. They issued a “buy” rating and a $200.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $205.13.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the sale, the director now owns 14,704 shares in the company, valued at $2,523,794.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of the sale, the director now owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by corporate insiders.

Paylocity Price Performance

PCTY stock traded down $5.33 on Wednesday, reaching $153.55. The company’s stock had a trading volume of 188,776 shares, compared to its average volume of 459,042. Paylocity Holding Co. has a 52 week low of $139.40 and a 52 week high of $230.52. The company has a market capitalization of $8.65 billion, a P/E ratio of 53.68, a price-to-earnings-growth ratio of 3.46 and a beta of 0.87. The firm has a fifty day moving average of $168.25 and a two-hundred day moving average of $165.49.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. The business had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. As a group, equities analysts expect that Paylocity Holding Co. will post 3.48 EPS for the current fiscal year.

Paylocity Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.