Paylocity Holding Co. (NASDAQ:PCTY) Stock Position Lowered by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its position in Paylocity Holding Co. (NASDAQ:PCTY) by 5.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,943 shares of the software maker’s stock after selling 7,573 shares during the period. Envestnet Asset Management Inc. owned approximately 0.25% of Paylocity worth $18,320,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PCTY. Rothschild Investment LLC bought a new stake in Paylocity in the second quarter worth about $40,000. J.Safra Asset Management Corp raised its holdings in shares of 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 purchasing an additional 108 shares in the last quarter. GAMMA Investing LLC lifted its stake in Paylocity by 34.7% during the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares during the last quarter. RiverPark Advisors LLC boosted its holdings in Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after buying an additional 231 shares in the last quarter. Finally, Versant Capital Management Inc bought a new position in shares of Paylocity in the second quarter valued at $66,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insiders Place Their Bets

In other 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 transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s 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 completion of the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at $248,979,738.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The disclosure for this sale can be found here. Company insiders own 22.50% of the company’s stock.

Analyst Ratings Changes

PCTY has been the subject of several research reports. Barclays reduced their price objective on Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Jefferies Financial Group cut their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Piper Sandler dropped their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Citigroup cut their price target on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, June 18th. Finally, Robert W. Baird lowered their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 18th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $179.13.

Paylocity Price Performance

PCTY opened at $164.19 on Tuesday. The company has a market capitalization of $9.27 billion, a PE ratio of 47.73, a price-to-earnings-growth ratio of 3.80 and a beta of 0.94. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $206.28. The business has a 50-day moving average of $154.49 and a 200-day moving average of $154.66.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating 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 firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same quarter last year, the firm earned $0.76 earnings per share. The company’s revenue for the quarter was up 15.8% on a year-over-year basis. On average, equities research analysts expect that Paylocity Holding Co. will post 4.51 earnings per share for the current fiscal year.

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.