Bank of Montreal Can lowered its position in Paylocity Holding Corp (NASDAQ:PCTY) by 44.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,794 shares of the software maker’s stock after selling 5,504 shares during the quarter. Bank of Montreal Can’s holdings in Paylocity were worth $409,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Raymond James & Associates acquired a new stake in shares of Paylocity during the 2nd quarter worth approximately $341,000. California Public Employees Retirement System grew its stake in shares of Paylocity by 29.3% during the 2nd quarter. California Public Employees Retirement System now owns 46,344 shares of the software maker’s stock worth $2,728,000 after purchasing an additional 10,506 shares during the period. Northern Trust Corp grew its stake in shares of Paylocity by 12.3% during the 2nd quarter. Northern Trust Corp now owns 429,834 shares of the software maker’s stock worth $25,299,000 after purchasing an additional 47,059 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Paylocity during the 3rd quarter worth approximately $1,888,000. Finally, First Trust Advisors LP grew its stake in shares of Paylocity by 40.6% during the 3rd quarter. First Trust Advisors LP now owns 63,357 shares of the software maker’s stock worth $5,089,000 after purchasing an additional 18,287 shares during the period. Hedge funds and other institutional investors own 65.36% of the company’s stock.
In other Paylocity news, Director Steven I. Sarowitz sold 150,000 shares of Paylocity stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $83.22, for a total transaction of $12,483,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 40,000 shares of Paylocity stock in a transaction on Friday, February 15th. The stock was sold at an average price of $83.69, for a total transaction of $3,347,600.00. Following the sale, the chief executive officer now directly owns 1,885,948 shares in the company, valued at approximately $157,834,988.12. The disclosure for this sale can be found here. Insiders sold a total of 293,109 shares of company stock worth $23,749,949 in the last three months. 41.20% of the stock is owned by corporate insiders.
Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.11). Paylocity had a net margin of 12.81% and a return on equity of 13.43%. The company had revenue of $107.20 million during the quarter, compared to analyst estimates of $104.68 million. During the same period in the prior year, the business posted $0.16 EPS. Paylocity’s revenue was up 24.7% compared to the same quarter last year. Equities analysts expect that Paylocity Holding Corp will post 0.54 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of Paylocity from a “buy” rating to a “hold” rating in a research note on Monday. Bank of America raised their price objective on shares of Paylocity from $80.00 to $89.00 and gave the stock a “buy” rating in a research note on Thursday, February 7th. Raymond James raised their price objective on shares of Paylocity from $75.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective (up previously from $80.00) on shares of Paylocity in a research note on Thursday, February 7th. Finally, Stifel Nicolaus raised their price objective on shares of Paylocity from $78.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, February 7th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $78.80.
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Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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