Northwestern Mutual Wealth Management Co. Sells 464 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Northwestern Mutual Wealth Management Co. decreased its position in Paylocity Holding Co. (NASDAQ:PCTY) by 23.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,520 shares of the software maker’s stock after selling 464 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Paylocity were worth $200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of PCTY. Granahan Investment Management LLC raised its stake in Paylocity by 53.3% during the fourth quarter. Granahan Investment Management LLC now owns 353,298 shares of the software maker’s stock valued at $58,241,000 after purchasing an additional 122,894 shares in the last quarter. Gillson Capital LP increased its position in shares of Paylocity by 43.1% during the 4th quarter. Gillson Capital LP now owns 42,499 shares of the software maker’s stock valued at $7,006,000 after purchasing an additional 12,793 shares during the last quarter. Owls Nest Partners IA LLC bought a new position in Paylocity during the fourth quarter valued at $29,038,000. V Square Quantitative Management LLC grew its holdings in Paylocity by 84.9% during the 4th quarter. V Square Quantitative Management LLC now owns 466 shares of the software maker’s stock valued at $77,000 after purchasing an additional 214 shares during the last quarter. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of Paylocity in the fourth quarter worth approximately $356,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on PCTY shares. Barclays cut their price objective on Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research report 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. KeyCorp boosted their price objective on shares of Paylocity from $171.00 to $182.00 and gave the company an “overweight” rating in a research report on Wednesday, October 2nd. BTIG Research reduced their target price on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $179.87.

Insider Buying and Selling at Paylocity

In other news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Paylocity news, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,632 shares of company stock worth $7,379,399. 22.50% of the stock is owned by insiders.

Paylocity Stock Performance

NASDAQ:PCTY opened at $162.74 on Friday. The company’s 50-day simple moving average is $159.06 and its 200-day simple moving average is $154.50. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $205.66. The stock has a market capitalization of $9.18 billion, a P/E ratio of 47.31, a P/E/G ratio of 4.05 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $350.29 million. During the same period in the previous year, the company earned $0.76 earnings per share. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, research analysts forecast that Paylocity Holding Co. will post 4.51 EPS for the current year.

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.