Seven Eight Capital LP Invests $348,000 in Paylocity Holding Co. (NASDAQ:PCTY)

Seven Eight Capital LP bought a new stake in Paylocity Holding Co. (NASDAQ:PCTY) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,026 shares of the software maker’s stock, valued at approximately $348,000.

Several other large investors have also recently added to or reduced their stakes in the business. WCM Investment Management LLC lifted its stake in shares of Paylocity by 2.3% in the 1st quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock worth $525,000 after acquiring an additional 69 shares during the period. Avior Wealth Management LLC boosted its stake in Paylocity by 2.4% during the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares in the last quarter. Shaker Investments LLC OH increased its position in shares of Paylocity by 0.3% during the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after purchasing an additional 77 shares during the period. GAMMA Investing LLC raised its stake in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after buying an additional 78 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Paylocity by 8.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock worth $205,000 after buying an additional 96 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Trading Down 3.1 %

Shares of NASDAQ PCTY opened at $142.31 on Thursday. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $230.52. The business has a 50-day moving average price of $143.18 and a two-hundred day moving average price of $157.22. The firm has a market capitalization of $8.03 billion, a PE ratio of 41.37, a PEG ratio of 2.54 and a beta of 0.92.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The business had revenue of $401.28 million during the quarter, compared to analyst estimates of $396.93 million. Research analysts anticipate that Paylocity Holding Co. will post 3.95 EPS for the current year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction on 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 completion of the sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the sale, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The disclosure for this sale can be found here. Insiders sold 51,173 shares of company stock valued at $7,296,388 in the last quarter. Company insiders own 22.50% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PCTY. Robert W. Baird lowered their target price on Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a report on Tuesday, June 18th. Citigroup lowered their price objective on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. TD Cowen reduced their target price on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a report on Thursday, June 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 price target on shares of Paylocity in a report on Friday, May 3rd. Finally, Piper Sandler cut their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $187.88.

Paylocity Company 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.