Raymond James & Associates Sells 3,369 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Raymond James & Associates lessened its position in Paylocity Holding Co. (NASDAQ:PCTY) by 8.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 36,362 shares of the software maker’s stock after selling 3,369 shares during the quarter. Raymond James & Associates owned 0.06% of Paylocity worth $4,794,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC lifted its holdings in shares of Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after acquiring an additional 98 shares during the last quarter. American National Bank bought a new stake in shares of Paylocity in the 4th quarter worth about $31,000. GAMMA Investing LLC bought a new stake in shares of Paylocity in the 4th quarter worth about $36,000. Principal Securities Inc. purchased a new position in Paylocity in the 4th quarter worth about $41,000. Finally, J.Safra Asset Management Corp increased its stake in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after buying an additional 108 shares during the period. Institutional investors own 94.76% of the company’s stock.

Paylocity Stock Performance

NASDAQ:PCTY opened at $162.27 on Friday. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $206.28. The stock has a market capitalization of $9.16 billion, a P/E ratio of 47.17, a P/E/G ratio of 3.73 and a beta of 0.92. The company’s 50-day simple moving average is $146.01 and its 200-day simple moving average is $156.26.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same period last year, the business earned $0.76 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. On average, research analysts forecast that Paylocity Holding Co. will post 4.5 EPS for the current 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 shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the sale, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The disclosure for this sale can be found here. Insiders sold 51,173 shares of company stock worth $7,296,388 in the last three months. Corporate insiders own 22.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PCTY. KeyCorp reduced their price target on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday, July 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research note on Monday, August 5th. Piper Sandler reduced their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Barclays reduced their price target on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Finally, Stifel Nicolaus reduced their price target on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Company Profile

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.