Raymond James & Associates Sells 1,049 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Raymond James & Associates lowered its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 2.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,313 shares of the software maker’s stock after selling 1,049 shares during the quarter. Raymond James & Associates owned 0.06% of Paylocity worth $5,826,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FORA Capital LLC purchased a new stake in Paylocity during the first quarter worth $1,540,000. BNP Paribas Financial Markets lifted its holdings in shares of Paylocity by 55.2% in the 1st quarter. BNP Paribas Financial Markets now owns 36,818 shares of the software maker’s stock valued at $6,328,000 after buying an additional 13,093 shares during the period. Cetera Advisors LLC purchased a new position in shares of Paylocity during the 1st quarter valued at approximately $729,000. Price T Rowe Associates Inc. MD grew its position in shares of 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 valued at $1,518,176,000 after acquiring an additional 278,607 shares during the period. Finally, Capital Research Global Investors acquired a new position in Paylocity during the first quarter worth $46,902,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Price Performance

Shares of PCTY stock opened at $184.57 on Friday. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $192.61. The stock’s 50-day moving average is $164.34 and its two-hundred day moving average is $154.70. The firm has a market cap of $10.29 billion, a P/E ratio of 50.71, a PEG ratio of 4.20 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted 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 return on equity of 22.17% and a net margin of 14.74%. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the prior year, the business earned $0.76 earnings per share. Paylocity’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, research analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current year.

Insider Activity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.91% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Mizuho boosted their price objective on Paylocity from $155.00 to $175.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. KeyCorp raised their price objective on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday. Piper Sandler upped their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday. BMO Capital Markets raised their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Barclays increased their price target on shares of Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and a consensus target price of $192.87.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.