Paylocity Holding Corp (NASDAQ:PCTY) Position Cut by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. cut its position in shares of Paylocity Holding Corp (NASDAQ:PCTY) by 28.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 132,769 shares of the software maker’s stock after selling 53,438 shares during the period. Charles Schwab Investment Management Inc. owned 0.25% of Paylocity worth $12,457,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nordea Investment Management AB lifted its holdings in Paylocity by 1.6% during the first quarter. Nordea Investment Management AB now owns 61,542 shares of the software maker’s stock valued at $5,489,000 after purchasing an additional 954 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Paylocity by 99.5% during the second quarter. Russell Investments Group Ltd. now owns 31,806 shares of the software maker’s stock valued at $2,985,000 after purchasing an additional 15,863 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new position in Paylocity during the first quarter valued at $61,000. Panagora Asset Management Inc. purchased a new position in Paylocity during the second quarter valued at $4,014,000. Finally, Marshall Wace North America L.P. lifted its holdings in Paylocity by 35.6% during the first quarter. Marshall Wace North America L.P. now owns 64,456 shares of the software maker’s stock valued at $5,749,000 after purchasing an additional 16,908 shares in the last quarter. 65.10% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Steven I. Sarowitz sold 140,086 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $101.67, for a total transaction of $14,242,543.62. Following the completion of the sale, the director now owns 14,415,427 shares in the company, valued at approximately $1,465,616,463.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $98.89, for a total transaction of $6,427,850.00. Following the sale, the chief executive officer now owns 1,817,080 shares of the company’s stock, valued at approximately $179,691,041.20. The disclosure for this sale can be found here. Insiders sold 262,076 shares of company stock valued at $26,692,978 in the last 90 days. Company insiders own 41.20% of the company’s stock.

Several equities analysts have issued reports on PCTY shares. Stifel Nicolaus increased their price objective on shares of Paylocity from $105.00 to $125.00 and gave the company a “buy” rating in a report on Friday, August 9th. Jefferies Financial Group raised their price target on shares of Paylocity to $115.00 in a research note on Thursday, August 8th. KeyCorp raised their price target on shares of Paylocity from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, July 29th. ValuEngine downgraded shares of Paylocity from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, BidaskClub raised shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $105.67.

Shares of PCTY traded up $0.42 during trading on Friday, reaching $99.11. 188,066 shares of the company traded hands, compared to its average volume of 340,945. Paylocity Holding Corp has a twelve month low of $53.46 and a twelve month high of $112.46. The stock has a market cap of $5.22 billion, a PE ratio of 91.77, a price-to-earnings-growth ratio of 4.70 and a beta of 1.57. The stock has a 50-day simple moving average of $101.01 and a 200-day simple moving average of $98.41.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, August 8th. The software maker reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.27. The business had revenue of $120.37 million during the quarter, compared to analysts’ expectations of $117.51 million. Paylocity had a net margin of 11.57% and a return on equity of 18.19%. The business’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period last year, the business earned $0.11 earnings per share. Sell-side analysts predict that Paylocity Holding Corp will post 1.05 EPS for the current fiscal year.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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