Panagora Asset Management Inc. Sells 354 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Panagora Asset Management Inc. trimmed its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 5.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 6,785 shares of the software maker’s stock after selling 354 shares during the quarter. Panagora Asset Management Inc.’s holdings in Paylocity were worth $895,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its position in shares of Paylocity by 16,049.0% during the fourth quarter. International Assets Investment Management LLC now owns 7,913 shares of the software maker’s stock valued at $1,304,000 after buying an additional 7,864 shares during the last quarter. GAMMA Investing LLC acquired a new stake in Paylocity in the fourth quarter valued at approximately $36,000. Van ECK Associates Corp grew its holdings in Paylocity by 15.5% in the fourth quarter. Van ECK Associates Corp now owns 7,565 shares of the software maker’s stock worth $1,247,000 after purchasing an additional 1,017 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in Paylocity during the 4th quarter worth $93,000. Finally, Metis Global Partners LLC acquired a new position in Paylocity during the 4th quarter valued at about $360,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Trading Down 0.5 %

Shares of PCTY stock opened at $161.40 on Monday. Paylocity Holding Co. has a twelve month low of $129.94 and a twelve month high of $206.28. The stock has a 50 day moving average of $146.51 and a 200 day moving average of $155.99. The stock has a market cap of $8.97 billion, a P/E ratio of 46.92, a P/E/G ratio of 3.91 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.19. The firm had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. On average, research analysts predict that Paylocity Holding Co. will post 4.51 earnings per share for the current fiscal year.

Insider Transactions at Paylocity

In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction 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 sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The disclosure for this sale can be found here. Insiders have sold a total of 51,173 shares of company stock valued at $7,296,388 in the last ninety days. 22.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Paylocity in a research note on Friday, August 2nd. Truist Financial cut their price target on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Piper Sandler lowered their price objective on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Jefferies Financial Group dropped their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Finally, KeyCorp reduced their target price on Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a research note on Friday, July 19th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $179.13.

Paylocity 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.