Bank of New York Mellon Corp Sells 18,757 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Bank of New York Mellon Corp reduced its position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 365,684 shares of the software maker's stock after selling 18,757 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of Paylocity worth $68,507,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of PCTY. USA Financial Formulas bought a new stake in shares of Paylocity in the 1st quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its stake in shares of Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker's stock valued at $54,000 after purchasing an additional 225 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Paylocity by 29.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker's stock valued at $55,000 after purchasing an additional 63 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Paylocity in the 4th quarter valued at $72,000. Finally, Huntington National Bank boosted its stake in shares of Paylocity by 37.3% in the 4th quarter. Huntington National Bank now owns 431 shares of the software maker's stock valued at $86,000 after purchasing an additional 117 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PCTY shares. Mizuho dropped their target price on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Barclays boosted their target price on shares of Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and set a $250.00 target price on shares of Paylocity in a research report on Friday, May 2nd. KeyCorp dropped their target price on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group dropped their target price on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $224.75.

Paylocity Stock Down 3.1%

Shares of PCTY stock traded down $5.75 on Friday, hitting $177.16. The stock had a trading volume of 418,237 shares, compared to its average volume of 453,315. The business has a 50 day moving average of $187.71 and a 200 day moving average of $193.00. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 3.46 and a beta of 0.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13. Paylocity Holding Corporation has a 12-month low of $138.74 and a 12-month high of $223.80.

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

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $176.74, for a total transaction of $303,462.58. Following the completion of the transaction, the senior vice president owned 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 21.91% of the stock is currently owned by corporate insiders.

Paylocity 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.