Public Employees Retirement System of Ohio Makes New Investment in Paylocity Holding Corporation $PCTY

Key Points

• Public Employees Retirement System of Ohio acquired 12,491 Paylocity shares worth approximately $1.31 million in the second quarter. Institutional investors collectively own 94.76% of the company.
• Analysts maintain a generally positive view, with 12 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $160.53.
• Paylocity exceeded quarterly expectations with adjusted earnings of $1.84 per share and revenue of $444.73 million, while revenue grew 11% year over year. However, insiders sold $8.31 million of stock over the past 90 days, and shares were recently trading down 5.7%.

Public Employees Retirement System of Ohio purchased a new position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 12,491 shares of the software maker's stock, valued at approximately $1,306,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Paylocity by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 136,388 shares of the software maker's stock valued at $25,551,000 after buying an additional 7,594 shares during the period. Focus Partners Wealth raised its holdings in Paylocity by 24.5% during the first quarter. Focus Partners Wealth now owns 1,365 shares of the software maker's stock worth $256,000 after purchasing an additional 269 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Paylocity by 537.0% in the second quarter. EverSource Wealth Advisors LLC now owns 465 shares of the software maker's stock worth $84,000 after purchasing an additional 392 shares during the period. Marshall Wace LLP boosted its stake in Paylocity by 2,782.7% during the 2nd quarter. Marshall Wace LLP now owns 35,688 shares of the software maker's stock valued at $6,466,000 after purchasing an additional 34,450 shares in the last quarter. Finally, Cerity Partners LLC increased its position in shares of Paylocity by 10.0% during the 2nd quarter. Cerity Partners LLC now owns 19,241 shares of the software maker's stock valued at $3,486,000 after purchasing an additional 1,749 shares during the period. 94.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PCTY. BTIG Research upped their price objective on Paylocity from $150.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of Paylocity from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Truist Financial cut their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a report on Monday, June 29th. BMO Capital Markets raised their price objective on shares of Paylocity from $143.00 to $175.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Finally, Robert W. Baird set a $201.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $160.53.

Insiders Place Their Bets

In other news, Director Craig Conway sold 3,145 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $156.80, for a total value of $493,136.00. Following the completion of the sale, the director owned 2,207 shares in the company, valued at $346,057.60. This represents a 58.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Ryan Glenn sold 3,345 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $149.75, for a total value of $500,913.75. Following the transaction, the chief financial officer directly owned 122,563 shares in the company, valued at $18,353,809.25. The trade was a 2.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 54,145 shares of company stock valued at $8,312,067 over the last 90 days. 19.40% of the stock is owned by corporate insiders.

Paylocity Trading Down 5.7%

Shares of NASDAQ PCTY opened at $143.53 on Wednesday. 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 12 month low of $92.99 and a 12 month high of $173.62. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 29.00 and a beta of 0.45. The business has a fifty day simple moving average of $138.36 and a 200-day simple moving average of $118.48.

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

Paylocity Company Profile

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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