Bank of Nova Scotia Sells 48,427 Shares of Paylocity Holding Corporation $PCTY

Bank of Nova Scotia lowered its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 86.1% during the first quarter, Holdings Channel.com reports. The fund owned 7,800 shares of the software maker’s stock after selling 48,427 shares during the period. Bank of Nova Scotia’s holdings in Paylocity were worth $843,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of PCTY. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Paylocity by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker’s stock valued at $25,551,000 after purchasing an additional 7,594 shares during the last quarter. Focus Partners Wealth increased its position in shares of Paylocity by 24.5% during the 1st quarter. Focus Partners Wealth now owns 1,365 shares of the software maker’s stock worth $256,000 after purchasing an additional 269 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Paylocity by 537.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker’s stock worth $84,000 after purchasing an additional 392 shares during the last quarter. Marshall Wace LLP increased its position in shares of Paylocity by 2,782.7% during the 2nd quarter. Marshall Wace LLP now owns 35,688 shares of the software maker’s stock worth $6,466,000 after purchasing an additional 34,450 shares during the last quarter. Finally, Cerity Partners LLC raised its stake in shares of Paylocity by 10.0% during the 2nd quarter. Cerity Partners LLC now owns 19,241 shares of the software maker’s stock worth $3,486,000 after purchasing an additional 1,749 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Price Performance

NASDAQ:PCTY opened at $144.79 on Thursday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock’s 50 day moving average price is $114.60 and its two-hundred day moving average price is $114.52. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 30.87 and a beta of 0.52. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $197.78.

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president directly owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 19.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PCTY. KeyCorp cut their price objective on Paylocity from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Tuesday, April 28th. TD Cowen lowered their target price on shares of Paylocity from $155.00 to $137.00 and set a “buy” rating on the stock in a report on Friday, June 26th. BMO Capital Markets upped their price target on shares of Paylocity from $135.00 to $143.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. UBS Group increased their price target on shares of Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Stephens decreased their price objective on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.88.

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.