Scientech Research LLC Buys New Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Scientech Research LLC purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY) in the second quarter, HoldingsChannel reports. The institutional investor purchased 9,999 shares of the software maker’s stock, valued at approximately $1,318,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Sei Investments Co. raised its position in Paylocity by 25.2% in the 4th quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock valued at $31,654,000 after purchasing an additional 38,613 shares during the last quarter. Evoke Wealth LLC purchased a new stake in shares of Paylocity in the fourth quarter valued at about $2,507,000. Wells Fargo & Company MN boosted its stake in shares of Paylocity by 274.8% during the fourth quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock worth $10,717,000 after buying an additional 47,663 shares during the period. FORA Capital LLC acquired a new stake in shares of Paylocity during the first quarter worth about $1,540,000. Finally, Royal London Asset Management Ltd. purchased a new position in shares of Paylocity during the fourth quarter worth about $1,938,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Performance

Shares of PCTY stock opened at $161.39 on Friday. The stock has a market cap of $9.11 billion, a PE ratio of 46.92, a P/E/G ratio of 3.98 and a beta of 0.94. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $206.28. The stock has a fifty day moving average price of $155.45 and a 200 day moving average price of $154.78.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the firm earned $0.76 EPS. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, equities research analysts predict that Paylocity Holding Co. will post 4.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on PCTY shares. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research note on Thursday, September 5th. Jefferies Financial Group cut their price target on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, June 24th. Truist Financial dropped their price objective on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. TD Cowen lowered their target price on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. Finally, Robert W. Baird cut their price target on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a report on Tuesday, June 18th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $179.13.

Insider Transactions at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly 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 through the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. Insiders sold a total of 50,974 shares of company stock valued at $7,272,256 in the last ninety days. Corporate insiders own 22.50% of the company’s stock.

About Paylocity

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.