Paylocity Holding Co. (NASDAQ:PCTY) Short Interest Down 12.9% in September

Paylocity Holding Co. (NASDAQ:PCTY) saw a large drop in short interest in September. As of September 15th, there was short interest totalling 1,830,000 shares, a drop of 12.9% from the August 31st total of 2,100,000 shares. Currently, 4.2% of the shares of the company are sold short. Based on an average daily volume of 523,400 shares, the short-interest ratio is currently 3.5 days.

Insider Buying and Selling

In related 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 $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, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the transaction, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity 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 completion of the transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Insiders sold 50,974 shares of company stock worth $7,272,256 in the last three months. Corporate insiders own 22.50% of the company’s stock.

Institutional Investors Weigh In On Paylocity

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in shares of Paylocity in the 2nd quarter valued at $194,000. Point72 Asset Management L.P. acquired a new position in Paylocity in the second quarter valued at $10,641,000. Scientech Research LLC purchased a new position in shares of Paylocity during the second quarter worth about $1,318,000. Millennium Management LLC increased its position in shares of Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after purchasing an additional 269,354 shares in the last quarter. Finally, MBB Public Markets I LLC purchased a new stake in shares of Paylocity in the 2nd quarter valued at about $400,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Trading Down 1.1 %

Shares of NASDAQ PCTY opened at $161.39 on Friday. Paylocity has a 12-month low of $129.94 and a 12-month high of $206.28. The stock has a market cap of $8.97 billion, a P/E ratio of 46.92, a PEG ratio of 4.01 and a beta of 0.94. The business’s fifty day simple moving average is $155.82 and its 200-day simple moving average is $154.73.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The firm had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. During the same quarter in the previous year, the firm posted $0.76 earnings per share. The company’s revenue was up 15.8% compared to the same quarter last year. On average, equities analysts forecast that Paylocity will post 4.51 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PCTY. 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. Needham & Company LLC restated a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research report on Thursday, September 5th. Citigroup lowered their price target on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a report on Tuesday, June 18th. TD Cowen reduced their price objective 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, Stifel Nicolaus decreased their target price on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research report on Wednesday, June 5th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $179.13.

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.