M&T Bank Corp Has $226,000 Position in Paylocity Holding Corporation (NASDAQ:PCTY)

M&T Bank Corp lowered its position in Paylocity Holding Corporation (NASDAQ:PCTY) by 31.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,208 shares of the software maker’s stock after selling 557 shares during the period. M&T Bank Corp’s holdings in Paylocity were worth $226,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in PCTY. USA Financial Formulas acquired a new position in Paylocity in the first quarter worth approximately $29,000. Johnson Financial Group Inc. acquired a new position in Paylocity in the fourth quarter worth approximately $72,000. Huntington National Bank increased its holdings in Paylocity by 37.3% in the fourth quarter. Huntington National Bank now owns 431 shares of the software maker’s stock worth $86,000 after buying an additional 117 shares during the last quarter. UMB Bank n.a. increased its holdings in Paylocity by 89.1% in the first quarter. UMB Bank n.a. now owns 467 shares of the software maker’s stock worth $87,000 after buying an additional 220 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Paylocity by 41.9% during the first quarter. GAMMA Investing LLC now owns 545 shares of the software maker’s stock valued at $102,000 after purchasing an additional 161 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Transactions at Paylocity

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

Analysts Set New Price Targets

Several brokerages recently commented on PCTY. Piper Sandler reiterated an “overweight” rating and issued a $258.00 target price (up previously from $254.00) on shares of Paylocity in a report on Friday, May 2nd. JMP Securities reissued a “market outperform” rating and set a $270.00 price objective on shares of Paylocity in a research report on Tuesday, April 29th. BMO Capital Markets raised their target price on Paylocity from $210.00 to $226.00 and gave the company an “outperform” rating in a report on Friday, May 2nd. Mizuho cut their price target on Paylocity from $245.00 to $220.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, KeyCorp dropped their target price on shares of Paylocity from $250.00 to $220.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $224.75.

Paylocity Stock Down 0.8%

Shares of PCTY stock opened at $186.38 on Friday. The stock has a market cap of $10.29 billion, a P/E ratio of 46.48, a price-to-earnings-growth ratio of 3.69 and a beta of 0.50. Paylocity Holding Corporation has a one year low of $138.74 and a one year high of $223.80. The stock has a fifty day moving average price of $187.12 and a 200 day moving average price of $192.48. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13.

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

Paylocity Company 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.