First Hawaiian Bank Purchases 114 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Posted by on Jul 2nd, 2023

First Hawaiian Bank boosted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 4.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,609 shares of the software maker’s stock after acquiring an additional 114 shares during the quarter. First Hawaiian Bank’s holdings in Paylocity were worth $519,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EMC Capital Management acquired a new stake in shares of Paylocity during the 4th quarter worth about $29,000. Belpointe Asset Management LLC bought a new stake in shares of Paylocity during the 4th quarter valued at approximately $33,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Paylocity during the 4th quarter valued at approximately $38,000. Coppell Advisory Solutions Corp. bought a new stake in shares of Paylocity during the 4th quarter valued at approximately $44,000. Finally, Covestor Ltd grew its holdings in shares of Paylocity by 88.1% during the 1st quarter. Covestor Ltd now owns 331 shares of the software maker’s stock valued at $68,000 after purchasing an additional 155 shares during the last quarter. 74.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

PCTY has been the topic of several research reports. Citigroup lifted their price target on shares of Paylocity from $211.00 to $219.00 in a report on Wednesday, June 21st. DA Davidson raised shares of Paylocity from a “neutral” rating to a “buy” rating and set a $245.00 price target on the stock in a report on Thursday, March 30th. They noted that the move was a valuation call. Robert W. Baird reduced their target price on shares of Paylocity from $311.00 to $280.00 in a report on Friday, May 5th. Piper Sandler reduced their target price on shares of Paylocity from $297.00 to $245.00 in a report on Friday, May 5th. Finally, Barclays began coverage on shares of Paylocity in a report on Tuesday, May 30th. They set an “equal weight” rating and a $199.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $260.87.

Insider Buying and Selling at Paylocity

In related news, Director Jeffrey T. Diehl sold 6,298 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $184.90, for a total transaction of $1,164,500.20. Following the completion of the transaction, the director now owns 36,122 shares in the company, valued at $6,678,957.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CAO Nicholas Rost sold 284 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $172.13, for a total transaction of $48,884.92. Following the completion of the transaction, the chief accounting officer now owns 4,017 shares in the company, valued at $691,446.21. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jeffrey T. Diehl sold 6,298 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $184.90, for a total transaction of $1,164,500.20. Following the sale, the director now directly owns 36,122 shares in the company, valued at $6,678,957.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 128,940 shares of company stock worth $21,993,962. 26.50% of the stock is owned by corporate insiders.

Paylocity Trading Up 3.4 %

Shares of PCTY stock opened at $184.53 on Friday. The firm has a market capitalization of $10.30 billion, a PE ratio of 87.46 and a beta of 1.08. The firm has a fifty day simple moving average of $179.89 and a two-hundred day simple moving average of $190.45. Paylocity Holding Co. has a 12 month low of $160.00 and a 12 month high of $276.88.

Paylocity (NASDAQ:PCTY – Free Report) last announced its quarterly earnings results on Thursday, May 4th. The software maker reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.18. The business had revenue of $339.86 million during the quarter, compared to analyst estimates of $332.79 million. Paylocity had a net margin of 10.84% and a return on equity of 20.23%. On average, equities analysts predict that Paylocity Holding Co. will post 2.45 earnings per share for the current fiscal year.

Paylocity Profile

(Free Report)

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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