Wealth Enhancement Advisory Services LLC Purchases Shares of 1,918 Paylocity Holding Corporation (NASDAQ:PCTY)

Wealth Enhancement Advisory Services LLC bought a new position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,918 shares of the software maker's stock, valued at approximately $359,000.

A number of other institutional investors also recently modified their holdings of the stock. Azzad Asset Management Inc. ADV raised its stake in shares of Paylocity by 266.9% in the first quarter. Azzad Asset Management Inc. ADV now owns 6,762 shares of the software maker's stock worth $1,267,000 after acquiring an additional 4,919 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Paylocity by 12.5% in the first quarter. Fifth Third Bancorp now owns 5,211 shares of the software maker's stock worth $976,000 after acquiring an additional 579 shares during the last quarter. Simon Quick Advisors LLC bought a new position in shares of Paylocity in the first quarter worth about $257,000. USA Financial Formulas bought a new stake in shares of Paylocity during the first quarter worth approximately $29,000. Finally, Integrated Advisors Network LLC bought a new stake in shares of Paylocity during the first quarter worth approximately $256,000. 94.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PCTY. Mizuho dropped their price target on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Jefferies Financial Group dropped their price target on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. UBS Group boosted their price target on shares of Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Finally, Barclays boosted their price target on shares of Paylocity from $204.00 to $209.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, Paylocity currently has a consensus rating of "Moderate Buy" and an average price target of $224.75.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president owned 11,953 shares in the company, valued at $2,112,573.22. This trade represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 21.91% of the stock is currently owned by corporate insiders.

Paylocity Stock Performance

Shares of PCTY opened at $183.87 on Tuesday. The stock has a market capitalization of $10.16 billion, a price-to-earnings ratio of 45.85, a PEG ratio of 3.60 and a beta of 0.50. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.20. The firm has a fifty day simple moving average of $188.43 and a 200 day simple moving average of $193.45. Paylocity Holding Corporation has a 12 month low of $130.51 and a 12 month high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.21 earnings per share. Research analysts forecast that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Paylocity Company 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.

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