Royal Bank of Canada Buys 38,697 Shares of Paylocity Holding Corporation $PCTY

Key Points

• Royal Bank of Canada increased its Paylocity stake by 40.5% in the first quarter, acquiring 38,697 shares to bring its holdings to 134,181 shares worth approximately $14.5 million.
• Institutional investors own 94.76% of Paylocity, while an executive separately sold 899 shares under a pre-arranged Rule 10b5-1 trading plan.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $160 price target. Paylocity also exceeded quarterly earnings and revenue expectations, reporting $1.84 in EPS and $444.73 million in revenue.

Royal Bank of Canada grew its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 40.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,181 shares of the software maker's stock after purchasing an additional 38,697 shares during the period. Royal Bank of Canada owned approximately 0.25% of Paylocity worth $14,496,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in Paylocity in the fourth quarter valued at approximately $27,000. Los Angeles Capital Management LLC acquired a new position in Paylocity during the fourth quarter worth $30,000. Advisory Services Network LLC bought a new position in shares of Paylocity in the third quarter valued at $38,000. Parallel Advisors LLC grew its holdings in shares of Paylocity by 446.2% during the fourth quarter. Parallel Advisors LLC now owns 284 shares of the software maker's stock valued at $43,000 after buying an additional 232 shares during the last quarter. Finally, Leonteq Securities AG acquired a new position in shares of Paylocity during the fourth quarter valued at about $45,000. Institutional investors own 94.76% of the company's stock.

Insider Transactions at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president directly owned 17,679 shares in the company, valued at $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PCTY shares. Barclays upped their target price on shares of Paylocity from $128.00 to $154.00 and gave the stock an "equal weight" rating in a report on Wednesday. KeyCorp raised their target price on Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a report on Wednesday. UBS Group upped their price target on Paylocity from $122.00 to $128.00 and gave the stock a "neutral" rating in a report on Wednesday, July 22nd. Truist Financial dropped their price objective on Paylocity from $180.00 to $165.00 and set a "buy" rating on the stock in a research note on Monday, June 29th. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $165.00 target price on shares of Paylocity in a research note on Wednesday. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $160.00.

Paylocity Stock Performance

NASDAQ:PCTY opened at $150.42 on Friday. The business's 50-day moving average price is $119.10 and its two-hundred day moving average price is $114.71. Paylocity Holding Corporation has a twelve month low of $92.99 and a twelve month high of $184.00. The stock has a market cap of $8.05 billion, a P/E ratio of 30.39 and a beta of 0.48. The company has a quick ratio of 1.08, a current ratio of 1.09 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The firm had revenue of $444.73 million for the quarter, compared to analysts' expectations of $431.46 million. During the same quarter last year, the company posted $1.56 EPS. The business's quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts predict that Paylocity Holding Corporation will post 6.33 EPS for the current fiscal year.

About Paylocity

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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