Principal Financial Group Inc. Buys 53,352 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Principal Financial Group Inc. lifted its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 37.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,870 shares of the software maker's stock after acquiring an additional 53,352 shares during the quarter. Principal Financial Group Inc. owned about 0.35% of Paylocity worth $36,507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in shares of Paylocity during the 4th quarter valued at about $29,000. Steward Partners Investment Advisory LLC lifted its stake in Paylocity by 29.9% during the fourth 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. Charles Schwab Investment Management Inc. lifted its stake in Paylocity by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,556 shares of the software maker's stock valued at $56,960,000 after purchasing an additional 3,130 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Paylocity by 32.2% in the 4th quarter. Victory Capital Management Inc. now owns 158,013 shares of the software maker's stock worth $31,519,000 after purchasing an additional 38,453 shares during the period. Finally, M&T Bank Corp boosted its stake in Paylocity by 22.8% in the 4th quarter. M&T Bank Corp now owns 1,765 shares of the software maker's stock worth $352,000 after purchasing an additional 328 shares during the period. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Transactions at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total transaction of $303,462.58. Following 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 21.91% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PCTY has been the subject of several analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $258.00 price objective (up previously from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Needham & Company LLC reissued a "buy" rating and issued a $250.00 target price on shares of Paylocity in a research note on Friday, May 2nd. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Stifel Nicolaus reduced their price target on shares of Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Scotiabank began coverage on shares of Paylocity in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Paylocity currently has an average rating of "Moderate Buy" and an average target price of $224.75.

Paylocity Stock Down 0.1%

Shares of NASDAQ:PCTY traded down $0.19 during trading on Wednesday, reaching $185.02. 7,376 shares of the stock traded hands, compared to its average volume of 451,862. Paylocity Holding Corporation has a 52-week low of $130.51 and a 52-week high of $223.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a 50-day moving average of $188.29 and a two-hundred day moving average of $193.39. The stock has a market cap of $10.22 billion, a P/E ratio of 46.13, a price-to-earnings-growth ratio of 3.59 and a beta of 0.50.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly 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. The business had revenue of $454.55 million for 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 company's quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $2.21 earnings per share. As a group, sell-side analysts expect that Paylocity Holding Corporation will post 4.36 earnings per share for the current fiscal year.

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.