Paylocity (NASDAQ:PCTY) Shares Up 6%

Paylocity Holding Co. (NASDAQ:PCTY)’s stock price traded up 6% on Friday . The stock traded as high as $157.58 and last traded at $157.16. 503,922 shares were traded during trading, a decline of 4% from the average session volume of 524,233 shares. The stock had previously closed at $148.23.

Analysts Set New Price Targets

A number of analysts recently issued reports on PCTY shares. Barclays lowered their price target on Paylocity from $178.00 to $160.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Needham & Company LLC reissued a “buy” rating and issued a $200.00 price target on shares of Paylocity in a report on Friday. TD Cowen dropped their price objective on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. Piper Sandler reduced their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a report on Friday. Finally, Stifel Nicolaus lowered their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus target price of $185.41.

Paylocity Price Performance

The company has a 50 day moving average price of $140.56 and a 200 day moving average price of $156.82. The firm has a market cap of $8.92 billion, a PE ratio of 45.96, a PEG ratio of 2.59 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The company had revenue of $401.28 million during the quarter, compared to the consensus estimate of $396.93 million. On average, equities analysts anticipate that Paylocity Holding Co. will post 3.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, 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 document filed with the SEC, which can be accessed through this link. In related news, CAO Nicholas Rost sold 331 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The disclosure for this sale can be found here. Insiders sold 51,173 shares of company stock valued at $7,296,388 over the last ninety days. Corporate insiders own 22.50% of the company’s stock.

Institutional Trading of Paylocity

Large investors have recently modified their holdings of the business. Venturi Wealth Management LLC boosted its stake in shares of Paylocity by 144.1% during the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after purchasing an additional 98 shares during the last quarter. American National Bank acquired a new position in Paylocity in the 4th quarter valued at $31,000. GAMMA Investing LLC purchased a new position in shares of Paylocity during the 4th quarter worth $36,000. Rothschild Investment LLC acquired a new stake in shares of Paylocity during the second quarter worth $40,000. Finally, Principal Securities Inc. purchased a new stake in shares of Paylocity in the fourth quarter valued at $41,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

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.