Paylocity Holding Corporation $PCTY Stock Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Paylocity stake by 4.8%, selling 10,426 shares in the third quarter; it held 208,231 shares valued at about $29.7 million afterward.
• Paylocity reported quarterly EPS of $2.09, beating the $1.93 consensus estimate, while revenue of $451.7 million exceeded forecasts and rose 10.7% year over year.
• Analysts had a Moderate Buy consensus rating, with an average price target of $174.88; 12 rated the stock Buy and five rated it Hold.

Boston Trust Walden Corp trimmed its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 4.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,231 shares of the software maker's stock after selling 10,426 shares during the quarter. Boston Trust Walden Corp owned approximately 0.40% of Paylocity worth $29,687,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PCTY. BlackRock Inc. purchased a new position in Paylocity during the second quarter valued at $430,315,000. Jupiter Topco LLC acquired a new stake in Paylocity in the 2nd quarter worth about $70,540,000. Amundi increased its stake in Paylocity by 9.5% during the 2nd quarter. Amundi now owns 663,449 shares of the software maker's stock worth $69,350,000 after buying an additional 57,291 shares in the last quarter. Van Berkom & Associates Inc. increased its stake in Paylocity by 17.8% during the 1st quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker's stock worth $66,597,000 after buying an additional 93,065 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in Paylocity during the 2nd quarter worth approximately $54,906,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Down 0.8%

Shares of NASDAQ PCTY opened at $169.57 on Friday. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 2.03 and a beta of 0.43. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $178.53. The business's 50 day moving average is $155.81 and its two-hundred day moving average is $127.26.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The software maker reported $2.09 EPS for the quarter, beating the consensus estimate of $1.93 by $0.16. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The business had revenue of $451.67 million during the quarter, compared to analyst estimates of $443.12 million. During the same quarter last year, the firm posted $1.75 earnings per share. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. Research analysts predict that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PCTY. Cantor Fitzgerald lifted their target price on shares of Paylocity from $165.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday, October 30th. Zacks Research cut shares of Paylocity from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Citigroup increased their target price on shares of Paylocity from $168.00 to $208.00 and gave the company a "buy" rating in a research report on Tuesday, October 27th. Citizens Jmp raised their price target on shares of Paylocity from $150.00 to $180.00 and gave the stock a "market outperform" rating in a research note on Tuesday, October 20th. Finally, Robert W. Baird set a $201.00 price target on shares of Paylocity in a research report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $174.88.

Insider Activity at Paylocity

In other news, Director Steven Sarowitz sold 19,459 shares of Paylocity stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the sale, the director owned 4,453,495 shares in the company, valued at approximately $702,672,441.10. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Steven R. Beauchamp sold 15,000 shares of Paylocity stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $165.22, for a total value of $2,478,300.00. Following the transaction, the chairman directly owned 1,243,389 shares in the company, valued at approximately $205,432,730.58. This trade represents a 1.19% decrease in their position. 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 sold 151,704 shares of company stock worth $25,137,741 over the last quarter. 19.40% of the stock is currently owned by insiders.

Paylocity Profile

Paylocity Holding Corporation NASDAQ: PCTY provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.

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