PNC Financial Services Group Inc. Has $482,000 Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

PNC Financial Services Group Inc. reduced its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 9.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,923 shares of the software maker’s stock after selling 310 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Paylocity were worth $482,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. American National Bank acquired a new stake in Paylocity in the fourth quarter valued at about $31,000. GAMMA Investing LLC acquired a new stake in Paylocity in the fourth quarter valued at about $36,000. Principal Securities Inc. acquired a new stake in Paylocity in the fourth quarter valued at about $41,000. V Square Quantitative Management LLC boosted its stake in Paylocity by 84.9% in the fourth quarter. V Square Quantitative Management LLC now owns 466 shares of the software maker’s stock valued at $77,000 after buying an additional 214 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in Paylocity in the fourth quarter valued at about $93,000. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Stock Performance

Shares of PCTY stock opened at $132.21 on Friday. The company has a market cap of $7.46 billion, a P/E ratio of 38.43, a PEG ratio of 2.44 and a beta of 0.89. The stock has a 50 day simple moving average of $151.84 and a two-hundred day simple moving average of $160.44. Paylocity Holding Co. has a fifty-two week low of $131.00 and a fifty-two week high of $230.52.

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

Insider Buying and Selling at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value 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 $659,106.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 22.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PCTY. Barclays increased their target price on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Stifel Nicolaus dropped their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Robert W. Baird dropped their target price on Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a research report on Tuesday, June 18th. Piper Sandler dropped their target price on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Finally, KeyCorp increased their target price on Paylocity from $186.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus target price of $190.65.

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.