Toronto Dominion Bank Boosts Position in Paylocity Holding Co. (NASDAQ:PCTY)

Toronto Dominion Bank raised its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 2.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,413 shares of the software maker’s stock after acquiring an additional 126 shares during the period. Toronto Dominion Bank’s holdings in Paylocity were worth $582,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Paylocity in the fourth quarter valued at about $9,643,000. Wells Fargo & Company MN raised its position in shares of Paylocity by 274.8% in the fourth quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock valued at $10,717,000 after buying an additional 47,663 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Paylocity by 427.3% in the fourth quarter. Hsbc Holdings PLC now owns 27,760 shares of the software maker’s stock worth $4,595,000 after buying an additional 22,495 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Paylocity by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 18,625 shares of the software maker’s stock worth $3,070,000 after purchasing an additional 180 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in shares of Paylocity in the fourth quarter valued at approximately $252,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Buying and Selling at Paylocity

In other 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 value of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was 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 of the company’s stock, valued at approximately $248,979,738.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of the firm’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. Over the last ninety days, insiders sold 50,974 shares of company stock valued at $7,272,256. 22.50% of the stock is currently owned by corporate insiders.

Paylocity Stock Performance

NASDAQ PCTY opened at $164.97 on Tuesday. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $206.28. The firm has a market capitalization of $9.31 billion, a PE ratio of 47.96, a price-to-earnings-growth ratio of 4.01 and a beta of 0.94. The company has a 50-day simple moving average of $155.82 and a 200-day simple moving average of $154.54.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The company’s revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 earnings per share. Equities analysts forecast that Paylocity Holding Co. will post 4.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research note on Thursday, September 5th. Citigroup decreased their price objective on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a report on Tuesday, June 18th. Stifel Nicolaus decreased their price target on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Barclays lowered their price objective on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research note on Monday, August 5th. Finally, BTIG Research lowered their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.