Leelyn Smith LLC Raises Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Leelyn Smith LLC raised its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 16.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,673 shares of the software maker’s stock after purchasing an additional 1,078 shares during the period. Leelyn Smith LLC’s holdings in Paylocity were worth $1,012,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. American National Bank purchased a new stake in Paylocity during the 4th quarter valued at $31,000. J.Safra Asset Management Corp boosted its stake 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 buying an additional 108 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Paylocity in the 4th quarter worth $41,000. Rothschild Investment LLC purchased a new position in Paylocity during the second quarter valued at $40,000. Finally, GAMMA Investing LLC raised its holdings 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 acquiring an additional 78 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s 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 transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the company’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 in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 31,074 shares in the company, valued at $4,352,224.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,173 shares of company stock valued at $7,296,388. 22.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PCTY. KeyCorp decreased their price target on Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Truist Financial dropped their price target on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Citigroup dropped their price target on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research report on Tuesday, June 18th. Piper Sandler dropped their target price 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, Barclays dropped their target price on Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $159.53 on Friday. The company has a market cap of $8.87 billion, a PE ratio of 46.38, a P/E/G ratio of 3.82 and a beta of 0.94. The business has a 50-day simple moving average of $151.57 and a two-hundred day simple moving average of $155.11. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $206.28.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.19. The firm had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm’s revenue was up 15.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. On average, sell-side analysts predict 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.