Paylocity Holding Corporation (NASDAQ:PCTY) Shares Acquired by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC grew its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 6.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,293 shares of the software maker’s stock after buying an additional 383 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Paylocity were worth $1,179,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Paylocity by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker’s stock valued at $803,745,000 after buying an additional 46,183 shares during the period. Invesco Ltd. raised its holdings in Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock worth $265,737,000 after purchasing an additional 320,319 shares during the period. Geode Capital Management LLC raised its holdings in Paylocity by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker’s stock worth $214,275,000 after purchasing an additional 25,182 shares during the period. JPMorgan Chase & Co. raised its holdings in Paylocity by 0.8% in the 4th quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker’s stock worth $172,300,000 after purchasing an additional 7,251 shares during the period. Finally, FMR LLC raised its holdings in Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker’s stock worth $129,775,000 after purchasing an additional 377,835 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. BMO Capital Markets upped their price target on Paylocity from $210.00 to $226.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Jefferies Financial Group reduced their price target on Paylocity from $255.00 to $235.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $258.00 price target (up previously from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Raymond James Financial reaffirmed an “outperform” rating and issued a $235.00 price target (down previously from $265.00) on shares of Paylocity in a report on Friday, May 2nd. Finally, Citigroup reduced their target price on Paylocity from $246.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $224.75.

Insider Buying and Selling

In related news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the transaction, the senior vice president now directly owns 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 21.91% of the stock is currently owned by company insiders.

Paylocity Price Performance

PCTY stock opened at $179.56 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13. The business has a 50 day simple moving average of $188.82 and a 200-day simple moving average of $194.20. The firm has a market capitalization of $9.92 billion, a PE ratio of 44.78, a price-to-earnings-growth ratio of 3.66 and a beta of 0.53. Paylocity Holding Corporation has a 1 year low of $129.94 and a 1 year high of $223.80.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. The business had revenue of $454.55 million during the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.21 earnings per share. Equities research analysts anticipate that Paylocity Holding Corporation will post 4.36 earnings per share for the current fiscal year.

About Paylocity

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.