Kennedy Capital Management LLC Decreases Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Kennedy Capital Management LLC trimmed its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 34.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,342 shares of the software maker’s stock after selling 17,670 shares during the period. Kennedy Capital Management LLC owned about 0.06% of Paylocity worth $5,730,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PCTY. WCM Investment Management LLC increased its stake in Paylocity by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after purchasing an additional 69 shares during the period. Avior Wealth Management LLC increased its stake in Paylocity by 2.4% in the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH increased its stake in Paylocity by 0.3% in the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock worth $3,902,000 after purchasing an additional 77 shares during the period. GAMMA Investing LLC increased its stake in Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares during the period. Finally, Parkside Financial Bank & Trust increased its stake in Paylocity by 8.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock worth $205,000 after purchasing an additional 96 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on PCTY. Citigroup decreased their price target on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. Barclays cut their price objective on Paylocity from $178.00 to $160.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 16th. Truist Financial cut their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday. Piper Sandler cut their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Jefferies Financial Group cut their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a research report on Monday, June 24th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $187.59.

Paylocity Trading Up 1.7 %

Paylocity stock traded up $2.56 during mid-day trading on Wednesday, hitting $151.21. The company had a trading volume of 77,037 shares, compared to its average volume of 518,624. The stock’s 50 day moving average price is $141.27 and its two-hundred day moving average price is $156.93. Paylocity Holding Co. has a 12 month low of $129.94 and a 12 month high of $230.52. The company has a market capitalization of $8.53 billion, a PE ratio of 43.96, a price-to-earnings-growth ratio of 2.56 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.28 by $0.29. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. The business had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. Equities research analysts anticipate that Paylocity Holding Co. will post 3.95 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the transaction, the chief accounting officer now owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,173 shares of company stock valued at $7,296,388. 22.50% of the stock is currently owned by corporate insiders.

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.