BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Takes $717,000 Position in Paylocity Holding Co. (NASDAQ:PCTY)

Posted by Defense World Staff on Jun 4th, 2023

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,691 shares of the software maker’s stock, valued at approximately $717,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Paylocity by 1.2% during the third quarter. BlackRock Inc. now owns 4,130,763 shares of the software maker’s stock valued at $997,909,000 after purchasing an additional 48,698 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Paylocity by 6.5% in the third quarter. Vanguard Group Inc. now owns 3,989,670 shares of the software maker’s stock valued at $963,824,000 after acquiring an additional 244,553 shares during the period. Invesco Ltd. lifted its holdings in Paylocity by 20.7% in the first quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock valued at $284,399,000 after acquiring an additional 236,876 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Paylocity by 0.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,192,659 shares of the software maker’s stock valued at $288,122,000 after acquiring an additional 6,906 shares during the period. Finally, State Street Corp lifted its holdings in Paylocity by 3.3% in the third quarter. State Street Corp now owns 1,077,759 shares of the software maker’s stock valued at $260,365,000 after acquiring an additional 34,848 shares during the period. 72.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Nicholas Rost sold 284 shares of the business’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $172.13, for a total value of $48,884.92. Following the completion of the transaction, the chief accounting officer now owns 4,017 shares of the company’s stock, valued at approximately $691,446.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Paylocity news, Director Steven I. Sarowitz sold 32,689 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $187.60, for a total transaction of $6,132,456.40. Following the completion of the sale, the director now directly owns 10,309,423 shares in the company, valued at approximately $1,934,047,754.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Nicholas Rost sold 284 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $172.13, for a total value of $48,884.92. Following the completion of the sale, the chief accounting officer now owns 4,017 shares of the company’s stock, valued at $691,446.21. The disclosure for this sale can be found here. In the last 90 days, insiders sold 156,581 shares of company stock valued at $27,183,743. 26.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PCTY shares. StockNews.com started coverage on Paylocity in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Mizuho lowered their target price on Paylocity from $230.00 to $200.00 in a report on Friday, May 5th. Truist Financial lowered their target price on Paylocity from $285.00 to $250.00 in a report on Friday, May 5th. Barclays assumed coverage on Paylocity in a report on Tuesday, May 30th. They issued an “equal weight” rating and a $199.00 target price on the stock. Finally, Robert W. Baird reduced their price target on Paylocity from $311.00 to $280.00 in a research report on Friday, May 5th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $263.27.

Paylocity Stock Performance

Shares of PCTY stock opened at $181.35 on Friday. Paylocity Holding Co. has a 52-week low of $152.01 and a 52-week high of $276.88. The firm has a market capitalization of $10.12 billion, a P/E ratio of 85.95 and a beta of 1.08. The stock has a 50 day moving average price of $183.07 and a 200 day moving average price of $194.03.

Paylocity (NASDAQ:PCTY – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The software maker reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.18. Paylocity had a return on equity of 20.23% and a net margin of 10.84%. The business had revenue of $339.86 million for the quarter, compared to the consensus estimate of $332.79 million. As a group, sell-side analysts forecast that Paylocity Holding Co. will post 2.45 EPS for the current year.

Paylocity Profile

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Paylocity Holding Corp. engages in the development and provision of cloud-based software solutions. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.