Truist Financial Corp Has $3.98 Million Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Truist Financial Corp decreased its position in Paylocity Holding Co. (NASDAQ:PCTY) by 0.6% in the fourth quarter, HoldingsChannel reports. The firm owned 24,166 shares of the software maker’s stock after selling 141 shares during the period. Truist Financial Corp’s holdings in Paylocity were worth $3,984,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Paylocity in the fourth quarter worth approximately $82,172,000. Liontrust Investment Partners LLP acquired a new position in Paylocity in the 3rd quarter valued at approximately $90,181,000. Comerica Bank purchased a new stake in Paylocity in the 3rd quarter worth approximately $18,506,000. Westfield Capital Management Co. LP boosted its stake in shares of Paylocity by 26.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 472,517 shares of the software maker’s stock valued at $85,856,000 after buying an additional 99,781 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in shares of Paylocity during the 3rd quarter valued at $17,262,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Trading Up 2.0 %

Shares of Paylocity stock opened at $171.06 on Tuesday. The firm has a market capitalization of $9.64 billion, a PE ratio of 49.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. The firm’s 50 day moving average is $165.30 and its 200 day moving average is $162.81. Paylocity Holding Co. has a 1 year low of $139.40 and a 1 year high of $230.52.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. The company had revenue of $326.36 million for the quarter, compared to the consensus estimate of $324.34 million. As a group, research analysts anticipate that Paylocity Holding Co. will post 3.48 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, CEO Steven R. Beauchamp sold 7,760 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the transaction, the chief executive officer now owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total value of $82,630.39. Following the transaction, the senior vice president now directly owns 15,353 shares in the company, valued at $2,583,756.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PCTY. KeyCorp increased their price objective on Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday. BTIG Research began coverage on Paylocity in a report on Tuesday, February 6th. They set a “buy” rating and a $200.00 price target for the company. TD Cowen dropped their price objective on Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a report on Friday. Mizuho cut their price objective on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Finally, JMP Securities reissued a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research report on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $196.67.

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.