Bank of Nova Scotia Has $843,000 Holdings in Paylocity Holding Corporation $PCTY

Key Points

• Bank of Nova Scotia cut its Paylocity stake by 86.1% in the first quarter, selling 48,427 shares and retaining 7,800 shares valued at approximately $843,000.
• Other institutional investors, including UBS, Pictet Asset Management, Tudor Investment and Chicago Capital, increased their positions; institutions and hedge funds collectively own 94.76% of Paylocity’s shares.
• Paylocity shares recently traded up 4.4% at $144.79. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $151.88, though several firms recently lowered their targets.

Bank of Nova Scotia cut its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 86.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,800 shares of the software maker's stock after selling 48,427 shares during the period. Bank of Nova Scotia's holdings in Paylocity were worth $843,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PCTY. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Paylocity by 60.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,486 shares of the software maker's stock valued at $7,249,000 after purchasing an additional 17,950 shares in the last quarter. Tudor Investment Corp ET AL increased its stake in Paylocity by 50.7% during the 3rd quarter. Tudor Investment Corp ET AL now owns 83,304 shares of the software maker's stock worth $13,268,000 after purchasing an additional 28,016 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in Paylocity by 32.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 198,150 shares of the software maker's stock worth $30,218,000 after purchasing an additional 48,380 shares in the last quarter. Chicago Capital LLC raised its holdings in Paylocity by 1,165.0% during the 4th quarter. Chicago Capital LLC now owns 97,579 shares of the software maker's stock worth $14,881,000 after buying an additional 89,865 shares during the period. Finally, UBS Group AG raised its holdings in Paylocity by 38.3% during the 4th quarter. UBS Group AG now owns 415,879 shares of the software maker's stock worth $63,422,000 after buying an additional 115,111 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Trading Up 4.4%

NASDAQ PCTY opened at $144.79 on Thursday. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of 30.87 and a beta of 0.52. The stock's 50 day moving average price is $114.60 and its two-hundred day moving average price is $114.52. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. Paylocity Holding Corporation has a 52 week low of $92.99 and a 52 week high of $197.78.

Insider Buying and Selling at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the completion of the transaction, the senior vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Paylocity from $122.00 to $128.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. Stephens dropped their price objective on shares of Paylocity from $160.00 to $120.00 and set an "equal weight" rating on the stock in a report on Friday, May 8th. Citizens Jmp cut their price objective on shares of Paylocity from $170.00 to $150.00 and set a "market outperform" rating on the stock in a research report on Friday, May 8th. Raymond James Financial set a $140.00 price objective on shares of Paylocity in a research report on Friday, May 8th. Finally, Zacks Research lowered shares of Paylocity from a "strong-buy" rating to a "hold" rating in a research note on Monday. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Paylocity has a consensus rating of "Moderate Buy" and an average target price of $151.88.

Paylocity Profile

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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