Bank of America Corp DE Acquires New Holdings in Paylocity Holding Corporation $PCTY

Key Points

• Bank of America acquired 524,894 Paylocity shares in the second quarter, worth approximately $54.9 million and representing about 0.99% of the company. Institutional investors collectively own 94.76% of Paylocity.
• Paylocity reported quarterly earnings of $1.84 per share, beating estimates of $1.62, while revenue rose 11% year over year to $444.73 million.
• Analysts remain generally bullish, with 12 Buy ratings and five Holds, an overall “Moderate Buy” consensus, and an average price target of $160.53.

Bank of America Corp DE bought a new stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 524,894 shares of the software maker's stock, valued at approximately $54,867,000. Bank of America Corp DE owned approximately 0.99% of Paylocity at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Paylocity during the 2nd quarter valued at $430,315,000. Jupiter Topco LLC purchased a new position in Paylocity during the second quarter worth $70,540,000. Norges Bank acquired a new position in shares of Paylocity in the fourth quarter worth $88,428,000. Deutsche Bank AG acquired a new position in shares of Paylocity in the second quarter worth $54,906,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Paylocity by 261.2% in the fourth quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker's stock valued at $81,509,000 after acquiring an additional 386,494 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

NASDAQ PCTY opened at $143.73 on Monday. The company has a market cap of $7.63 billion, a P/E ratio of 29.04 and a beta of 0.45. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month high of $169.56. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The company has a 50-day moving average of $143.06 and a 200-day moving average of $120.65.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million during the quarter, compared to analyst estimates of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. Paylocity's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 earnings per share. As a group, equities analysts predict that Paylocity Holding Corporation will post 6.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Craig Conway sold 3,145 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $156.80, for a total value of $493,136.00. Following the transaction, the director directly owned 2,207 shares in the company, valued at $346,057.60. This trade represents a 58.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Joshua Scutt sold 4,730 shares of Paylocity stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $149.82, for a total value of $708,648.60. Following the completion of the transaction, the senior vice president directly owned 75,729 shares in the company, valued at $11,345,718.78. This represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 54,214 shares of company stock worth $8,322,580. Corporate insiders own 19.40% of the company's stock.

Wall Street Analysts Forecast Growth

PCTY has been the topic of a number of analyst reports. TD Cowen increased their price objective on Paylocity from $168.00 to $177.00 and gave the company a "buy" rating in a research note on Thursday, August 20th. BTIG Research boosted their target price on shares of Paylocity from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a report on Saturday. Jefferies Financial Group reaffirmed a "buy" rating and set a $165.00 price target on shares of Paylocity in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded shares of Paylocity from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $160.53.

Paylocity Profile

Paylocity Holding Corporation is a provider of cloud-based human capital management (HCM) and workforce management software. Its platform is designed to help organizations manage payroll, human resources, employee benefits, talent, compliance and workforce operations through a unified system.

The company's products and services include payroll processing, time and labor management, benefits administration, recruiting, onboarding, performance management, employee surveys and workplace communication tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.