Acadian Asset Management LLC Takes Position in Paylocity Holding Co. (NASDAQ:PCTY)

Acadian Asset Management LLC purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY) during the second quarter, according to its most recent filing with the SEC. The firm purchased 1,641 shares of the software maker’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital International Investors grew its stake in Paylocity by 119.0% during the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock worth $199,637,000 after buying an additional 658,057 shares during the last quarter. Wasatch Advisors LP grew its stake in Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after buying an additional 621,946 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after buying an additional 278,607 shares during the last quarter. Capital Research Global Investors purchased a new position in Paylocity during the 1st quarter worth $46,902,000. Finally, Owls Nest Partners IA LLC purchased a new position in Paylocity during the 4th quarter worth $29,038,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Trading Down 0.5 %

NASDAQ PCTY opened at $162.58 on Friday. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 47.26, a PEG ratio of 3.80 and a beta of 0.94. 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 $154.14 and a 200 day moving average of $154.83.

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, topping analysts’ consensus estimates of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.76 EPS. Equities analysts predict that Paylocity Holding Co. will post 4.51 EPS for the current fiscal year.

Analysts Set New Price Targets

PCTY has been the topic of several research analyst reports. Truist Financial dropped their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Barclays dropped their target price on Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research note on Monday, August 5th. Citigroup dropped their target price on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. Piper Sandler lowered their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Finally, Jefferies Financial Group lowered their price target on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and an average target price of $179.13.

Insider Buying and Selling

In related news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s 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 of the company’s stock, valued at approximately $248,979,738.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s 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 owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The disclosure for this sale can be found here. 22.50% of the stock is currently owned by insiders.

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.