VIRGINIA RETIREMENT SYSTEMS ET Al Takes $1.98 Million Position in Paylocity Holding Corporation $PCTY

Key Points

• Virginia Retirement Systems acquired 18,900 Paylocity shares worth approximately $1.98 million during the second quarter. Institutional investors now own 94.76% of the company.
• Paylocity reported quarterly EPS of $1.84, beating estimates of $1.62, while revenue rose 11% year over year to $444.73 million. Shares opened at $141.66, within a 52-week range of $92.99 to $172.21.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $160.53; however, company insiders sold 54,214 shares worth $8.32 million during the latest quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 18,900 shares of the software maker's stock, valued at approximately $1,976,000.

Other large investors also recently bought and sold shares of the company. Los Angeles Capital Management LLC bought a new stake in Paylocity during the 4th quarter valued at $30,000. Advisory Services Network LLC bought a new position in shares of Paylocity in the 3rd quarter worth $38,000. Optiver Holding B.V. raised its position in shares of Paylocity by 5,925.0% in the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker's stock worth $26,000 after acquiring an additional 237 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Paylocity during the 2nd quarter worth $27,000. Finally, Basecamp Wealth Advisors LLC lifted its stake in shares of Paylocity by 4,250.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker's stock worth $28,000 after purchasing an additional 255 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

Paylocity Price Performance

Shares of PCTY stock opened at $141.66 on Friday. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $172.21. The firm has a market capitalization of $7.52 billion, a price-to-earnings ratio of 28.62 and a beta of 0.45. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. The stock's 50-day simple moving average is $140.06 and its 200-day simple moving average is $119.13.

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 (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22. The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.56 earnings per share. As a group, equities analysts forecast that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on PCTY. Truist Financial decreased their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a research report on Monday, June 29th. Wall Street Zen downgraded shares of Paylocity from a "buy" rating to a "hold" rating in a research report on Saturday, July 4th. Barclays boosted their price objective on shares of Paylocity from $128.00 to $154.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 5th. Citigroup reissued a "buy" rating on shares of Paylocity in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Paylocity from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $160.53.

Insiders Place Their Bets

In other news, CFO Ryan Glenn sold 3,345 shares of Paylocity stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $149.75, for a total transaction of $500,913.75. Following the completion of the sale, the chief financial officer directly owned 122,563 shares in the company, valued at approximately $18,353,809.25. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Andrew Cappotelli sold 2,550 shares of Paylocity stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $149.83, for a total transaction of $382,066.50. Following the sale, the senior vice president owned 44,329 shares of the company's stock, valued at $6,641,814.07. The trade was a 5.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 54,214 shares of company stock valued at $8,322,580. Corporate insiders own 19.40% of the company's stock.

About Paylocity

Paylocity Holding Corporation is a provider of cloud-based human capital management (HCM) and workforce management software. Its platform is designed to help organizations manage payroll, human resources, employee benefits, talent, compliance and workforce operations through a unified system.

The company's products and services include payroll processing, time and labor management, benefits administration, recruiting, onboarding, performance management, employee surveys and workplace communication tools.

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