Paylocity Holding Corporation (NASDAQ:PCTY) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 4.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. KeyCorp lowered their target price 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. Jefferies Financial Group dropped their price objective on Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Needham & Company LLC reissued a "buy" rating and set a $250.00 target price on shares of Paylocity in a research note on Friday, May 2nd. Barclays lifted their target price on Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets lifted their price objective on Paylocity from $210.00 to $226.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Paylocity presently has an average rating of "Moderate Buy" and an average price target of $224.75.

Paylocity Trading Down 0.4%

PCTY traded down $0.68 during trading hours on Tuesday, reaching $179.71. 333,598 shares of the company's stock traded hands, compared to its average volume of 452,565. The firm has a 50-day moving average price of $187.71 and a 200 day moving average price of $192.95. Paylocity Holding Corporation has a 52-week low of $138.74 and a 52-week high of $223.80. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $9.93 billion, a PE ratio of 44.82, a PEG ratio of 3.46 and a beta of 0.50.

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

Insider Buying and Selling at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president directly owned 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 21.91% of the company's stock.

About Paylocity

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.