The Manufacturers Life Insurance Company Purchases New Shares in Paylocity Holding Corporation $PCTY

The Manufacturers Life Insurance Company purchased a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 30,683 shares of the software maker’s stock, valued at approximately $3,207,000.

A number of other institutional investors have also recently added to or reduced their stakes in PCTY. Sone Capital Management LLC purchased a new position in Paylocity in the 2nd quarter valued at about $3,413,000. Algert Global LLC lifted its stake in shares of Paylocity by 137.6% in the second quarter. Algert Global LLC now owns 121,520 shares of the software maker’s stock worth $12,702,000 after acquiring an additional 70,380 shares in the last quarter. Ranger Investment Management L.P. purchased a new position in Paylocity in the second quarter valued at about $17,902,000. Sanctuary Advisors LLC purchased a new position in Paylocity in the second quarter valued at about $403,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Paylocity during the 2nd quarter valued at approximately $9,666,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insiders Place Their Bets

In other Paylocity news, Director Craig Conway sold 3,145 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $156.80, for a total transaction of $493,136.00. Following the sale, the director directly owned 2,207 shares in the company, valued at approximately $346,057.60. The trade was a 58.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 19,459 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total value of $3,070,241.02. Following the sale, the director directly owned 4,453,495 shares in the company, valued at approximately $702,672,441.10. The trade was a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 54,145 shares of company stock worth $8,312,067. 19.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. KeyCorp upped their target price on Paylocity from $172.00 to $178.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Truist Financial dropped their price target on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a research note on Monday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $165.00 price target on shares of Paylocity in a report on Wednesday, August 5th. Robert W. Baird set a $201.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. Finally, Stephens dropped their target price 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 investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $160.53.

Paylocity Stock Down 2.6%

PCTY stock opened at $156.02 on Wednesday. The stock has a market cap of $8.28 billion, a PE ratio of 31.52 and a beta of 0.45. The firm’s 50-day simple moving average is $133.64 and its 200 day simple moving average is $116.91. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two 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.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $431.46 million. During the same period in the previous year, the business posted $1.56 EPS. Paylocity’s revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts predict that Paylocity Holding Corporation will post 6.92 EPS for the current year.

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.