CWA Asset Management Group LLC Has $1.72 Million Stock Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

CWA Asset Management Group LLC lifted its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 48.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,181 shares of the software maker's stock after purchasing an additional 2,981 shares during the period. CWA Asset Management Group LLC's holdings in Paylocity were worth $1,720,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PCTY. Rhumbline Advisers increased its stake in shares of Paylocity by 0.4% during the 4th quarter. Rhumbline Advisers now owns 123,643 shares of the software maker's stock worth $24,663,000 after purchasing an additional 541 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Paylocity by 13.8% during the 4th quarter. Principal Financial Group Inc. now owns 141,518 shares of the software maker's stock worth $28,229,000 after purchasing an additional 17,176 shares during the last quarter. Sanctuary Advisors LLC increased its stake in shares of Paylocity by 1,659.5% during the 4th quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker's stock worth $4,675,000 after purchasing an additional 21,889 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Paylocity by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker's stock worth $348,000 after purchasing an additional 93 shares during the last quarter. Finally, Truist Financial Corp increased its stake in shares of Paylocity by 6.8% during the 4th quarter. Truist Financial Corp now owns 22,033 shares of the software maker's stock worth $4,395,000 after purchasing an additional 1,398 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Performance

Shares of NASDAQ:PCTY traded up $0.33 on Friday, reaching $176.78. 891,158 shares of the company's stock were exchanged, compared to its average volume of 454,531. The company has a fifty day moving average of $189.49 and a 200-day moving average of $195.08. Paylocity Holding Corporation has a twelve month low of $129.94 and a twelve month high of $223.80. The company has a market capitalization of $9.76 billion, a price-to-earnings ratio of 44.08, a PEG ratio of 3.60 and a beta of 0.53. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.20.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The firm had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. During the same quarter in the prior year, the business posted $2.21 EPS. The business's revenue was up 13.3% compared to the same quarter last year. On average, research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PCTY shares. Piper Sandler restated an "overweight" rating and set a $258.00 price objective (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. BMO Capital Markets upped their price target on shares of Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Citigroup decreased 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. Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, KeyCorp decreased their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Paylocity has a consensus rating of "Moderate Buy" and an average price target of $224.75.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the sale, the director now owns 420,000 shares in the company, valued at approximately $81,862,200. This trade represents a 5.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 21.91% of the company's stock.

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.