Westfield Capital Management Co. LP Sells 215,185 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Westfield Capital Management Co. LP trimmed its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 44.6% in the first quarter, Holdings Channel.com reports. The firm owned 267,830 shares of the software maker’s stock after selling 215,185 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Paylocity were worth $46,029,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Venturi Wealth Management LLC grew its position in Paylocity by 144.1% in the first quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock valued at $29,000 after purchasing an additional 98 shares in the last quarter. American National Bank acquired a new stake in shares of Paylocity in the fourth quarter valued at about $31,000. GAMMA Investing LLC bought a new stake in Paylocity during the fourth quarter worth about $36,000. Principal Securities Inc. acquired a new position in Paylocity during the fourth quarter valued at approximately $41,000. Finally, J.Safra Asset Management Corp grew its stake in Paylocity by 80.0% in the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PCTY. Citigroup dropped their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. Piper Sandler dropped their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. KeyCorp dropped their price objective on Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday. Jefferies Financial Group dropped their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Finally, Barclays dropped their price objective on Paylocity from $178.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 16th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $187.88.

Paylocity Price Performance

NASDAQ PCTY traded up $2.05 on Friday, reaching $142.94. The stock had a trading volume of 406,470 shares, compared to its average volume of 556,050. The firm has a fifty day moving average of $144.70 and a two-hundred day moving average of $157.53. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $230.52. The company has a market cap of $8.07 billion, a P/E ratio of 41.55, a price-to-earnings-growth ratio of 2.47 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. The firm had revenue of $401.28 million for the quarter, compared to analyst estimates of $396.93 million. Research analysts predict that Paylocity Holding Co. will post 3.95 EPS for the current fiscal year.

Insider Transactions at Paylocity

In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Nicholas Rost sold 331 shares of the 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 sale, the chief accounting officer now directly owns 4,751 shares in the company, valued at $659,106.23. The disclosure for this sale can be found here. 22.50% of the stock is currently owned by insiders.

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.