UMB Bank n.a. Increases Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

UMB Bank n.a. raised its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 1,650.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 175 shares of the software maker’s stock after acquiring an additional 165 shares during the period. UMB Bank n.a.’s holdings in Paylocity were worth $29,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of PCTY. RK Asset Management LLC purchased a new stake in shares of Paylocity during the third quarter valued at approximately $5,344,000. Handelsbanken Fonder AB lifted its position in Paylocity by 24.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,551 shares of the software maker’s stock valued at $2,071,000 after acquiring an additional 2,500 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Paylocity by 20.7% in the 3rd quarter. SG Americas Securities LLC now owns 7,053 shares of the software maker’s stock worth $1,164,000 after purchasing an additional 1,210 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Paylocity in the second quarter worth $194,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Paylocity during the second quarter valued at $10,641,000. 94.76% of the stock is currently owned by institutional investors.

Insider Activity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s 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 transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Rachit Lohani sold 658 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,232 shares of company stock valued at $7,183,315. 22.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PCTY has been the subject of several research analyst reports. Barclays boosted their target price on Paylocity from $156.00 to $174.00 and gave the stock an “equal weight” rating in a research report on Friday, October 11th. Robert W. Baird cut their price objective on Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a report on Tuesday, June 18th. Mizuho increased their target price on Paylocity from $155.00 to $175.00 and gave the company a “neutral” rating in a report on Monday. Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Paylocity in a research note on Thursday, September 5th. Finally, TD Cowen lowered their price objective on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research note on Thursday, June 20th. 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 has an average rating of “Moderate Buy” and an average target price of $182.40.

Paylocity Price Performance

Paylocity stock opened at $169.04 on Wednesday. The stock has a market cap of $9.54 billion, a P/E ratio of 49.14, a PEG ratio of 3.96 and a beta of 0.95. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $205.48. The firm’s 50 day moving average price is $159.83 and its 200-day moving average price is $154.16.

Paylocity (NASDAQ:PCTY) last announced 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 analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.76 EPS. As a group, equities analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current year.

Paylocity Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.