First Trust Direct Indexing L.P. Sells 58 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Posted by Defense World Staff on Jul 19th, 2023

First Trust Direct Indexing L.P. lessened its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 5.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,036 shares of the software maker’s stock after selling 58 shares during the period. First Trust Direct Indexing L.P.’s holdings in Paylocity were worth $206,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Employees Retirement System of Texas bought a new position in Paylocity during the 1st quarter worth $152,000. Jennison Associates LLC boosted its holdings in shares of Paylocity by 10.9% in the 1st quarter. Jennison Associates LLC now owns 4,734 shares of the software maker’s stock valued at $941,000 after purchasing an additional 464 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in shares of Paylocity by 2.2% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 8,054 shares of the software maker’s stock valued at $1,601,000 after purchasing an additional 176 shares in the last quarter. Asset Management One Co. Ltd. boosted its holdings in shares of Paylocity by 0.7% in the 1st quarter. Asset Management One Co. Ltd. now owns 16,369 shares of the software maker’s stock valued at $3,254,000 after purchasing an additional 114 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Paylocity by 51.7% in the 1st quarter. Mackenzie Financial Corp now owns 13,639 shares of the software maker’s stock valued at $2,711,000 after purchasing an additional 4,650 shares in the last quarter. Institutional investors own 74.51% of the company’s stock.

Insider Buying and Selling

In related news, Director Steven I. Sarowitz sold 50,000 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $167.70, for a total transaction of $8,385,000.00. Following the completion of the transaction, the director now directly owns 10,226,734 shares of the company’s stock, valued at approximately $1,715,023,291.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Nicholas Rost sold 284 shares of Paylocity 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 directly owns 4,017 shares of the company’s stock, valued at approximately $691,446.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven I. Sarowitz sold 50,000 shares of Paylocity stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $167.70, for a total value of $8,385,000.00. Following the completion of the transaction, the director now directly owns 10,226,734 shares of the company’s stock, valued at $1,715,023,291.80. The disclosure for this sale can be found here. Insiders sold a total of 132,031 shares of company stock valued at $22,612,162 in the last three months. Insiders own 26.50% of the company’s stock.

Paylocity Stock Up 2.9 %

Shares of NASDAQ:PCTY opened at $223.88 on Wednesday. The firm has a market cap of $12.49 billion, a P/E ratio of 106.10 and a beta of 1.08. Paylocity Holding Co. has a 12-month low of $160.00 and a 12-month high of $276.88. The business has a fifty day simple moving average of $183.59 and a 200 day simple moving average of $190.79.

Paylocity (NASDAQ:PCTY – Get Free Report) last announced its earnings results on Thursday, May 4th. The software maker reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 20.23% and a net margin of 10.84%. As a group, equities research analysts expect that Paylocity Holding Co. will post 2.45 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup raised their target price on Paylocity from $211.00 to $219.00 in a report on Wednesday, June 21st. DA Davidson raised Paylocity from a “neutral” rating to a “buy” rating and set a $245.00 target price on the stock in a report on Thursday, March 30th. They noted that the move was a valuation call. StockNews.com assumed coverage on Paylocity in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Robert W. Baird reduced their target price on Paylocity from $311.00 to $280.00 in a report on Friday, May 5th. Finally, Mizuho reduced their target price on Paylocity from $230.00 to $200.00 in a report on Friday, May 5th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $260.87.

Paylocity Company 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.