Thrivent Financial for Lutherans Sells 11,641 Shares of Paylocity Holding Co. (NASDAQ:PCTY) (2024)

Posted by Wayne Rhoads on Oct 5th, 2024

Thrivent Financial for Lutherans trimmed its position in Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 52.6% in the second quarter, HoldingsChannel.com reports. The firm owned 10,499 shares of the software maker’s stock after selling 11,641 shares during the period. Thrivent Financial for Lutherans’ holdings in Paylocity were worth $1,384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. GAMMA Investing LLC raised its stake in shares of Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in Paylocity by 3.6% during the first quarter. Daiwa Securities Group Inc. now owns 2,900 shares of the software maker’s stock worth $498,000 after acquiring an additional 100 shares in the last quarter. King Luther Capital Management Corp raised its stake in Paylocity by 1.0% during the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after acquiring an additional 103 shares in the last quarter. J.Safra Asset Management Corp raised its stake in Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after acquiring an additional 108 shares in the last quarter. Finally, SkyOak Wealth LLC raised its stake in Paylocity by 7.1% during the second quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock worth $242,000 after acquiring an additional 122 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PCTY shares. BTIG Research dropped their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research note on Monday, August 5th. Truist Financial dropped their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Citigroup dropped their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, June 18th. Finally, Barclays dropped their price objective on Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. 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 data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $179.87.

Check Out Our Latest Stock Analysis on Paylocity

Paylocity Stock Up 2.0 %

Paylocity stock opened at $170.23 on Friday. The business’s 50-day simple moving average is $157.87 and its 200 day simple moving average is $154.68. The stock has a market cap of $9.46 billion, a price-to-earnings ratio of 49.49, a P/E/G ratio of 3.91 and a beta of 0.94. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $206.28.

Paylocity (NASDAQ:PCTY – Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter last year, the business earned $0.76 earnings per share. The firm’s quarterly revenue was up 15.8% compared to the same quarter last year. As a group, sell-side analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current year.

Insider Buying and Selling at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the transaction, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the 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 completion of the transaction, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,632 shares of company stock valued at $7,379,399. 22.50% of the stock is currently owned by company insiders.

Paylocity Company Profile

(Free Report)

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