Retirement Systems of Alabama Has $7.07 Million Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Retirement Systems of Alabama reduced its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 6.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,631 shares of the software maker’s stock after selling 3,590 shares during the period. Retirement Systems of Alabama owned 0.10% of Paylocity worth $7,071,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PCTY. Fifth Third Wealth Advisors LLC bought a new position in shares of Paylocity during the 2nd quarter valued at $185,000. Harel Insurance Investments & Financial Services Ltd. boosted its position in Paylocity by 26,132.2% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 15,477 shares of the software maker’s stock worth $2,046,000 after purchasing an additional 15,418 shares during the period. Neo Ivy Capital Management bought a new position in shares of Paylocity in the second quarter valued at approximately $3,014,000. Washington Capital Management Inc. boosted its holdings in shares of Paylocity by 62.6% during the 2nd quarter. Washington Capital Management Inc. now owns 5,530 shares of the software maker’s stock worth $729,000 after buying an additional 2,130 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Paylocity by 2.9% in the 2nd quarter. SG Americas Securities LLC now owns 5,843 shares of the software maker’s stock worth $770,000 after acquiring an additional 162 shares during the period. Institutional investors own 94.76% of the company’s stock.

Insider Activity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity 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 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 Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s 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 directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,173 shares of company stock worth $7,296,388. Corporate insiders own 22.50% of the company’s stock.

Paylocity Trading Up 2.2 %

PCTY opened at $156.43 on Monday. The stock has a market cap of $8.83 billion, a PE ratio of 45.47, a price-to-earnings-growth ratio of 3.73 and a beta of 0.92. The stock’s fifty day simple moving average is $143.91 and its 200 day simple moving average is $156.29. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $206.28.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter last year, the business earned $0.76 EPS. The company’s quarterly revenue was up 15.8% compared to the same quarter last year. Equities analysts forecast that Paylocity Holding Co. will post 4.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PCTY shares. TD Cowen lowered their target price on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. Citigroup reduced their target price on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research note on Tuesday, June 18th. Piper Sandler reduced their price objective on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Stifel Nicolaus reduced their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Finally, Jefferies Financial Group lowered their price target on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a report on Monday, June 24th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.13.

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.