Paylocity (NASDAQ:PCTY) Shares Down 2.2%

Paylocity Holding Co. (NASDAQ:PCTY) was down 2.2% on Tuesday . The stock traded as low as $146.97 and last traded at $147.04. Approximately 60,264 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 523,787 shares. The stock had previously closed at $150.41.

Analyst Ratings Changes

Several equities analysts recently commented on PCTY shares. Piper Sandler reduced their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Truist Financial dropped their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Needham & Company LLC restated a “buy” rating and set a $200.00 target price on shares of Paylocity in a research note on Friday, August 2nd. Stifel Nicolaus cut their price target on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Finally, KeyCorp decreased their price target on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a research report on Friday, July 19th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $179.13.

Paylocity Stock Up 0.9 %

The firm’s 50-day moving average price is $141.91 and its 200 day moving average price is $156.70. The firm has a market cap of $8.41 billion, a P/E ratio of 44.02, a price-to-earnings-growth ratio of 3.75 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. Paylocity’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.76 earnings per share. On average, equities analysts predict that Paylocity Holding Co. will post 4.5 earnings per share for the current year.

Insider Activity at Paylocity

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

Institutional Investors Weigh In On Paylocity

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Capital International Investors boosted its position in shares of Paylocity by 119.0% in the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after purchasing an additional 658,057 shares during the period. Wasatch Advisors LP raised its holdings in shares of Paylocity by 35.0% during the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares during the period. Clearbridge Investments LLC grew its position in Paylocity by 2,212.5% during the 4th quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after purchasing an additional 365,435 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after purchasing an additional 278,607 shares during the period. Finally, Capital Research Global Investors purchased a new stake in shares of Paylocity in the first quarter valued at $46,902,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

About Paylocity

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.