Bank of New York Mellon Corp Buys 1,562 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Posted by Defense World Staff on Aug 18th, 2023

Bank of New York Mellon Corp grew its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 0.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 453,354 shares of the software maker’s stock after purchasing an additional 1,562 shares during the period. Bank of New York Mellon Corp owned about 0.81% of Paylocity worth $90,118,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCTY. EMC Capital Management bought a new stake in Paylocity during the 4th quarter worth approximately $29,000. Belpointe Asset Management LLC bought a new stake in Paylocity during the 4th quarter worth approximately $33,000. Coppell Advisory Solutions Corp. bought a new stake in Paylocity during the 4th quarter worth approximately $44,000. Clearstead Advisors LLC increased its holdings in Paylocity by 872.4% during the 1st quarter. Clearstead Advisors LLC now owns 282 shares of the software maker’s stock worth $56,000 after purchasing an additional 253 shares in the last quarter. Finally, Covestor Ltd increased its holdings in Paylocity by 88.1% during the 1st quarter. Covestor Ltd now owns 331 shares of the software maker’s stock worth $68,000 after purchasing an additional 155 shares in the last quarter. 74.51% of the stock is owned by institutional investors.

Paylocity Stock Performance

Shares of PCTY opened at $191.76 on Friday. Paylocity Holding Co. has a 52-week low of $160.00 and a 52-week high of $270.09. The stock’s 50-day simple moving average is $200.21 and its 200 day simple moving average is $193.53. The stock has a market capitalization of $10.72 billion, a price-to-earnings ratio of 76.70 and a beta of 1.11.

Analyst Ratings Changes

PCTY has been the subject of several recent analyst reports. Credit Suisse Group reaffirmed a “neutral” rating and issued a $215.00 target price on shares of Paylocity in a report on Friday, August 4th. StockNews.com initiated coverage on Paylocity in a report on Thursday. They issued a “hold” rating for the company. TD Cowen upped their target price on Paylocity from $253.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, August 4th. Truist Financial reduced their target price on Paylocity from $285.00 to $250.00 in a report on Friday, May 5th. Finally, Piper Sandler upped their target price on Paylocity from $245.00 to $249.00 and gave the company an “overweight” rating in a report on Friday, August 4th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus price target of $260.79.

Read Our Latest Stock Report on Paylocity

Insider Activity

In related news, Director Bernard Robinson Kenneth sold 275 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $202.11, for a total transaction of $55,580.25. Following the completion of the transaction, the director now owns 3,031 shares of the company’s stock, valued at $612,595.41. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Joshua Scutt sold 3,091 shares of the company’s stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $200.00, for a total value of $618,200.00. Following the transaction, the senior vice president now directly owns 20,784 shares in the company, valued at $4,156,800. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bernard Robinson Kenneth sold 275 shares of Paylocity stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $202.11, for a total transaction of $55,580.25. Following the sale, the director now owns 3,031 shares of the company’s stock, valued at $612,595.41. The disclosure for this sale can be found here. Insiders have sold a total of 82,003 shares of company stock worth $14,230,675 over the last ninety days. Company insiders own 26.50% of the company’s stock.

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.