New York State Common Retirement Fund Trims Stock Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

New York State Common Retirement Fund lessened its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 2.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,490 shares of the software maker’s stock after selling 923 shares during the quarter. New York State Common Retirement Fund owned approximately 0.06% of Paylocity worth $5,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PCTY. USA Financial Formulas purchased a new stake in shares of Paylocity during the first quarter worth about $29,000. Johnson Financial Group Inc. acquired a new stake in Paylocity during the fourth quarter worth approximately $72,000. Huntington National Bank grew its stake in Paylocity by 37.3% in the 4th quarter. Huntington National Bank now owns 431 shares of the software maker’s stock worth $86,000 after acquiring an additional 117 shares during the period. UMB Bank n.a. raised its holdings in Paylocity by 89.1% in the 1st quarter. UMB Bank n.a. now owns 467 shares of the software maker’s stock valued at $87,000 after acquiring an additional 220 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Paylocity by 41.9% during the 1st quarter. GAMMA Investing LLC now owns 545 shares of the software maker’s stock worth $102,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Transactions at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the sale, the senior vice president directly owned 11,953 shares of the company’s stock, 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 is accessible through this link. 21.91% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. KeyCorp dropped their target price on Paylocity from $250.00 to $220.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Barclays upped their price objective on shares of Paylocity from $204.00 to $209.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Wall Street Zen raised shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Monday, May 12th. Piper Sandler restated an “overweight” rating and issued a $258.00 target price (up from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Finally, Citigroup cut their price target on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.75.

Paylocity Stock Down 0.8%

Shares of NASDAQ:PCTY opened at $186.38 on Monday. The company has a market capitalization of $10.29 billion, a price-to-earnings ratio of 46.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.50. The company has a 50 day moving average of $187.12 and a two-hundred day moving average of $192.41. Paylocity Holding Corporation has a 52-week low of $140.06 and a 52-week high of $223.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.34. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The business had revenue of $454.55 million during the quarter, compared to the consensus estimate of $441.77 million. During the same period in the prior year, the firm earned $2.21 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, analysts forecast 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.