Posted by MarketBeat News on Sep 30th, 2024
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 62.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,624 shares of the software maker’s stock after acquiring an additional 3,300 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Paylocity were worth $1,137,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Rothschild Investment LLC bought a new stake in shares of Paylocity in the 2nd quarter valued at $40,000. J.Safra Asset Management Corp boosted its position in Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after acquiring an additional 108 shares during the last quarter. GAMMA Investing LLC grew its holdings in Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after acquiring an additional 78 shares during the period. RiverPark Advisors LLC raised its position in shares of Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after acquiring an additional 231 shares in the last quarter. Finally, Versant Capital Management Inc acquired a new position in shares of Paylocity in the 2nd quarter valued at about $66,000. Institutional investors and hedge funds own 94.76% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the company. Piper Sandler dropped their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reissued a “buy” rating and set a $200.00 target price on shares of Paylocity in a research note on Thursday, September 5th. BTIG Research decreased their price target on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. KeyCorp cut their price objective on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research report on Friday, July 19th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $179.13.
Want More Great Investing Ideas?
Get Our Latest Research Report on Paylocity
Insider Buying and Selling
In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at $4,352,224.44. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following 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 90 days, insiders sold 50,974 shares of company stock worth $7,272,256. Insiders own 22.50% of the company’s stock.
Paylocity Stock Performance
Shares of PCTY stock opened at $161.39 on Monday. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 46.92, a PEG ratio of 4.01 and a beta of 0.94. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $206.28. The company has a 50-day simple moving average of $155.82 and a two-hundred day simple moving average of $154.64.
Paylocity (NASDAQ:PCTY – Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The firm had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.76 EPS. On average, sell-side analysts forecast that Paylocity Holding Co. will post 4.51 EPS for the current fiscal year.
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.
Recommended Stories
- Five stocks we like better than Paylocity
- The Basics of Support and Resistance
- Simon Property REIT: A Safe Bet for Growth and Steady Dividends
- 3 Grocery Stocks That Are Proving They Are Still Essential
- CarMax’s Impressive Rally: What Investors Should Watch Next
- How to Invest in Blue Chip Stocks
- MarketBeat Week in Review – 9/23 – 9/27
Want to see what other hedge funds are holding PCTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paylocity Holding Co. (NASDAQ:PCTY – Free Report).
Receive News & Ratings for Paylocity Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Paylocity and related companies with MarketBeat.com's FREE daily email newsletter.
You might be interested in:
Great Waters Wealth Management Has $105.22 Million Holdings in Dimensional World ex U.S. Core Equity 2 ETF
Vanguard FTSE Emerging Markets ETF Shares Sold by Eclectic Associates Inc. ADV
Great Waters Wealth Management Lowers Position in iShares Russell 2000 ETF
Arkansas Financial Group Inc. Sells 339 Shares of iShares Gold Trust
Collective Family Office LLC Buys 571 Shares of Dimensional Global Real Estate ETF