Bank of America Corp DE Grows Stock Position in Paylocity Holding Corporation $PCTY

Key Points

• Bank of America increased its Paylocity stake by 17.8% in the first quarter, owning 449,722 shares worth approximately $48.6 million. Institutional investors collectively hold 94.76% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $160; several firms recently raised their targets, although Zacks downgraded the stock to “hold.”
• Paylocity exceeded quarterly expectations, reporting $1.84 in adjusted EPS versus $1.62 expected and revenue of $444.73 million, up 11% year over year. The stock opened at $145.67, while insiders own 19.4% and reported sales under pre-arranged trading plans.

Bank of America Corp DE boosted its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 17.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 449,722 shares of the software maker's stock after acquiring an additional 68,084 shares during the period. Bank of America Corp DE owned 0.84% of Paylocity worth $48,588,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PCTY. Edgestream Partners L.P. raised its position in Paylocity by 30.8% during the first quarter. Edgestream Partners L.P. now owns 28,503 shares of the software maker's stock worth $3,079,000 after acquiring an additional 6,715 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Paylocity by 97.0% in the first quarter. Janus Henderson Group PLC now owns 452,153 shares of the software maker's stock valued at $48,857,000 after purchasing an additional 222,593 shares during the last quarter. Bull Harbor Capital LLC acquired a new stake in shares of Paylocity in the first quarter valued at approximately $350,000. Smith Group Asset Management LLC increased its stake in shares of Paylocity by 159.7% during the 1st quarter. Smith Group Asset Management LLC now owns 6,906 shares of the software maker's stock worth $746,000 after purchasing an additional 4,247 shares in the last quarter. Finally, Amundi increased its stake in shares of Paylocity by 143.3% during the 1st quarter. Amundi now owns 606,158 shares of the software maker's stock worth $65,489,000 after purchasing an additional 357,001 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 11,136 shares of the firm's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $150.81, for a total value of $1,679,420.16. Following the sale, the director directly owned 4,535,052 shares of the company's stock, valued at approximately $683,931,192.12. This trade represents a 0.24% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the sale, the senior vice president owned 17,679 shares of the company's stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 19.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PCTY shares. Barclays increased their target price on Paylocity from $128.00 to $154.00 and gave the company an "equal weight" rating in a report on Wednesday, August 5th. BMO Capital Markets boosted their price target on Paylocity from $143.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Zacks Research downgraded Paylocity from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Cantor Fitzgerald increased their price objective on Paylocity from $140.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings upgraded Paylocity from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Paylocity currently has a consensus rating of "Moderate Buy" and an average target price of $160.00.

Paylocity Stock Up 0.4%

PCTY stock opened at $145.67 on Thursday. The stock has a market capitalization of $7.73 billion, a P/E ratio of 29.43 and a beta of 0.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $182.83. The company has a 50 day moving average price of $120.77 and a two-hundred day moving average price of $114.60.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.22. The company had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business'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 company posted $1.56 EPS. As a group, sell-side analysts expect that Paylocity Holding Corporation will post 6.86 EPS for the current year.

About Paylocity

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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