HighTower Advisors LLC Grows Stake in Paylocity Holding Corporation $PCTY

Key Points

• HighTower Advisors increased its Paylocity stake by 9.4% in the second quarter to 136,375 shares valued at approximately $14.3 million. Institutional investors collectively own 94.76% of the company.
• Paylocity insiders sold 54,214 shares worth approximately $8.3 million over the past 90 days, including significant sales by directors Craig Conway and Steven I. Sarowitz.
• The company exceeded quarterly expectations, reporting $1.84 in EPS versus the $1.62 consensus and revenue of $444.7 million, up 11% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $160.53.

HighTower Advisors LLC raised its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 9.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 136,375 shares of the software maker's stock after acquiring an additional 11,732 shares during the period. HighTower Advisors LLC owned approximately 0.26% of Paylocity worth $14,255,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of PCTY. Optiver Holding B.V. increased its stake in Paylocity by 5,925.0% in the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker's stock worth $26,000 after buying an additional 237 shares during the period. Global Retirement Partners LLC bought a new position in Paylocity in the 2nd quarter worth about $27,000. Basecamp Wealth Advisors LLC grew its stake in Paylocity by 4,250.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker's stock worth $28,000 after acquiring an additional 255 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Paylocity during the fourth quarter worth approximately $30,000. Finally, Elevation Wealth Partners LLC increased its position in shares of Paylocity by 500.0% during the second quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker's stock worth $36,000 after acquiring an additional 285 shares during the period. Institutional investors own 94.76% of the company's stock.

Insider Activity at Paylocity

In other Paylocity news, Director Craig Conway sold 3,145 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $156.80, for a total transaction of $493,136.00. Following the completion of the sale, the director directly owned 2,207 shares of the company's stock, valued at approximately $346,057.60. This represents a 58.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven I. Sarowitz sold 19,459 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the sale, the director owned 4,453,495 shares in the company, valued at $702,672,441.10. This represents a 0.44% 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. Insiders have sold 54,214 shares of company stock valued at $8,322,580 over the last 90 days. Company insiders own 19.40% of the company's stock.

Paylocity Stock Performance

Shares of NASDAQ:PCTY opened at $142.10 on Thursday. The firm has a 50 day moving average of $138.98 and a 200 day moving average of $118.71. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $7.54 billion, a price-to-earnings ratio of 28.71 and a beta of 0.45. Paylocity Holding Corporation has a 52 week low of $92.99 and a 52 week high of $172.63.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business had revenue of $444.73 million for the quarter, compared to analysts' expectations of $431.46 million. During the same quarter last year, the firm earned $1.56 EPS. The business's revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCTY has been the subject of a number of research reports. Barclays boosted their price target on Paylocity from $128.00 to $154.00 and gave the company an "equal weight" rating in a report on Wednesday, August 5th. TD Cowen raised their price objective on Paylocity from $168.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Zacks Research lowered Paylocity from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. KeyCorp upped their target price on Paylocity from $172.00 to $178.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Finally, Truist Financial dropped their price target on Paylocity from $180.00 to $165.00 and set a "buy" rating on the stock in a research report on Monday, June 29th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Paylocity has a consensus rating of "Moderate Buy" and a consensus price target of $160.53.

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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