Paylocity Holding Corporation $PCTY Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP decreased its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 73.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 68,470 shares of the software maker’s stock after selling 192,524 shares during the period. Engineers Gate Manager LP owned 0.13% of Paylocity worth $7,157,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PCTY. California State Teachers Retirement System raised its holdings in shares of Paylocity by 10,474.6% in the second quarter. California State Teachers Retirement System now owns 5,246,465 shares of the software maker’s stock valued at $548,413,000 after buying an additional 5,196,851 shares during the last quarter. BlackRock Inc. purchased a new stake in Paylocity during the 2nd quarter valued at approximately $430,315,000. Jupiter Topco LLC acquired a new stake in Paylocity during the 2nd quarter worth approximately $70,540,000. Alyeska Investment Group L.P. acquired a new position in shares of Paylocity in the third quarter valued at approximately $104,657,000. Finally, Norges Bank purchased a new stake in shares of Paylocity during the fourth quarter worth approximately $88,428,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Down 0.8%

Shares of NASDAQ:PCTY opened at $141.66 on Friday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The firm has a market cap of $7.52 billion, a price-to-earnings ratio of 28.62 and a beta of 0.45. The stock’s 50-day moving average price is $140.06 and its two-hundred day moving average price is $119.13. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $172.21.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter in the prior year, the company posted $1.56 EPS. The company’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, research analysts forecast that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Andrew Cappotelli sold 2,550 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $149.83, for a total value of $382,066.50. Following the completion of the sale, the senior vice president owned 44,329 shares of the company’s stock, valued at $6,641,814.07. This represents a 5.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven Sarowitz sold 19,459 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the transaction, the director directly owned 4,453,495 shares in the company, valued at $702,672,441.10. This trade represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 54,214 shares of company stock worth $8,322,580. 19.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. KeyCorp boosted their price objective on shares of Paylocity from $172.00 to $178.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. BTIG Research boosted their price target on Paylocity from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Citigroup reaffirmed a “buy” rating on shares of Paylocity in a research note on Thursday, August 6th. Truist Financial decreased their target price on Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a research report on Monday, June 29th. Finally, Cantor Fitzgerald raised their price target on Paylocity from $140.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $160.53.

Paylocity Company Profile

Paylocity Holding Corporation is a provider of cloud-based human capital management (HCM) and workforce management software. Its platform is designed to help organizations manage payroll, human resources, employee benefits, talent, compliance and workforce operations through a unified system.

The company’s products and services include payroll processing, time and labor management, benefits administration, recruiting, onboarding, performance management, employee surveys and workplace communication tools.