JPMorgan Chase & Co. trimmed its holdings in shares of Paylocity Holding Co. (NASDAQ: PCTY – Get Rating) by 13.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,135 shares of the software maker’s stock after selling 11,136 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.13% of Paylocity worth $ 17,270,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Invesco Ltd. grew its position in Paylocity by 60.4% during the third quarter. Invesco Ltd. now owns 1,047,561 shares of the software maker’s stock valued at $ 293,736,000 after buying an additional 394,456 shares during the period. Capital Research Global Investors boosted its position in shares of Paylocity by 315.2% in the third quarter. Capital Research Global Investors now owns 735,262 shares of the software maker’s stock worth $ 206,167,000 after purchasing an additional 558,180 shares during the period. American Century Companies Inc. boosted its position in shares of Paylocity by 120.9% in the fourth quarter. American Century Companies Inc. now owns 542,292 shares of the software maker’s stock worth $ 128,068,000 after purchasing an additional 296,846 shares during the period. Geode Capital Management LLC boosted its position in shares of Paylocity by 2.4% in the third quarter. Geode Capital Management LLC now owns 515,252 shares of the software maker’s stock worth $ 144,476,000 after purchasing an additional 11,931 shares during the period. Finally, TimesSquare Capital Management LLC boosted its position in shares of Paylocity by 2.8% in the fourth quarter. TimesSquare Capital Management LLC now owns 433,830 shares of the software maker’s stock worth $ 102,453,000 after purchasing an additional 11,645 shares during the period. Institutional investors own 69.01% of the company stock.
PCTY has been the subject of a number of recent analyst reports. Citigroup initiated coverage on shares of Paylocity in a research report on Tuesday, February 1st. They issued a “buy” rating and a $ 230.00 price target for the company. Truist Financial dropped their price target on shares of Paylocity from $ 320.00 to $ 260.00 in a research report on Friday, February 4th. Raymond James dropped their price target on shares of Paylocity from $ 355.00 to $ 245.00 and set an “outperform” rating for the company in a research report on Friday, February 4th. Cowen dropped their target price on shares of Paylocity from $ 265.00 to $ 240.00 in a research report on Friday, May 6th. Finally, StockNews.com assumed coverage on shares of Paylocity in a research report on Thursday, March 31st. They set a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Paylocity currently has a consensus rating of “Buy” and a consensus target price of $ 250.18.
In related news, CAO Nicholas Rost sold 276 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $ 200.00, for a total value of $ 55,200.00. Following the transaction, the chief accounting officer now owns 2,816 shares of the company stock, valued at approximately $ 563,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven I. Sarowitz sold 22,091 shares of the firm’s stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $ 198.99, for a total transaction of $ 4,395,888.09. The disclosure for this sale can be found here. In the last three months, insiders sold 71,297 shares of company stock worth $ 12,432,550. Insiders own 28.80% of the company stock.
Paylocity stock opened at $ 174.86 on Wednesday. The company has a market cap of $ 9.64 billion, a price-to-earnings ratio of 112.81 and a beta of 1.30. The firm’s fifty day moving average is $ 189.29 and its 200 day moving average is $ 208.31. Paylocity Holding Co. has a 52-week low of $ 152.97 and a 52-week high of $ 314.49.
Paylocity (NASDAQ: PCTY – Get Rating) last announced its earnings results on Thursday, May 5th. The software maker reported $ 1.22 earnings per share for the quarter, beating the consensus estimate of $ 0.91 by $ 0.31. Paylocity had a net margin of 11.06% and a return on equity of 17.32%. The business had revenue of $ 245.97 million for the quarter, compared to the estimate consensus of $ 241.64 million. During the same quarter in the prior year, the firm posted $ 0.67 earnings per share. The business’s revenue for the quarter was up 32.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Paylocity Holding Co. will post 1.44 EPS for the current year.
Paylocity Profile: (Get Rating)
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.
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