Principal Financial Group Inc. Acquires 1,073 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Principal Financial Group Inc. lifted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 0.8% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 131,802 shares of the software maker’s stock after buying an additional 1,073 shares during the quarter. Principal Financial Group Inc.’s holdings in Paylocity were worth $25,147,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. lifted its stake in shares of Paylocity by 27.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 51,000 shares of the software maker’s stock valued at $9,730,000 after buying an additional 10,931 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Paylocity by 18.3% during the 1st quarter. Sei Investments Co. now owns 49,188 shares of the software maker’s stock valued at $8,845,000 after buying an additional 7,598 shares in the last quarter. Paradiem LLC lifted its stake in shares of Paylocity by 24.1% during the 1st quarter. Paradiem LLC now owns 15,054 shares of the software maker’s stock valued at $2,668,000 after buying an additional 2,924 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Paylocity by 3.3% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 12,840 shares of the software maker’s stock valued at $2,450,000 after buying an additional 416 shares in the last quarter. Finally, Alpha DNA Investment Management LLC purchased a new position in shares of Paylocity during the 2nd quarter valued at $1,448,000. Institutional investors own 68.82% of the company’s stock.

Shares of NASDAQ PCTY opened at $296.89 on Friday. The firm’s 50-day moving average price is $245.77 and its 200-day moving average price is $203.52. The stock has a market capitalization of $16.21 billion, a price-to-earnings ratio of 237.51 and a beta of 1.31. Paylocity Holding Co. has a 12-month low of $143.22 and a 12-month high of $297.53.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, August 5th. The software maker reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.39. Paylocity had a net margin of 11.14% and a return on equity of 16.19%. On average, equities analysts forecast that Paylocity Holding Co. will post 1.15 EPS for the current fiscal year.

A number of research firms recently weighed in on PCTY. KeyCorp lifted their target price on shares of Paylocity from $220.00 to $255.00 and gave the company an “overweight” rating in a research note on Monday, August 9th. Wolfe Research boosted their price target on shares of Paylocity from $180.00 to $230.00 and gave the stock a “peer perform” rating in a research note on Friday, August 6th. William Blair reiterated a “buy” rating on shares of Paylocity in a research note on Friday, August 6th. Citigroup reiterated a “neutral” rating and issued a $203.71 price target (up previously from $194.00) on shares of Paylocity in a research note on Monday, July 26th. Finally, JMP Securities boosted their price target on shares of Paylocity from $220.00 to $272.00 and gave the stock an “outperform” rating in a research note on Friday, August 6th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $220.31.

In related news, CEO Steven R. Beauchamp sold 38,234 shares of the company’s stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $252.21, for a total transaction of $9,642,997.14. Following the transaction, the chief executive officer now directly owns 1,808,645 shares in the company, valued at approximately $456,158,355.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 22,704 shares of the company’s stock in a transaction dated Monday, August 23rd. The shares were sold at an average price of $256.40, for a total transaction of $5,821,305.60. The disclosure for this sale can be found here. Insiders have sold a total of 112,193 shares of company stock worth $29,058,493 over the last quarter. 32.90% of the stock is currently owned by insiders.

Paylocity Profile

Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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