Principal Financial Group Inc. Sells 5,125 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Posted by Defense World Staff on Aug 20th, 2023

Principal Financial Group Inc. trimmed its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY – Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,167 shares of the software maker’s stock after selling 5,125 shares during the quarter. Principal Financial Group Inc. owned about 0.33% of Paylocity worth $36,609,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PCTY. HighTower Advisors LLC boosted its position in Paylocity by 12.9% during the first quarter. HighTower Advisors LLC now owns 5,798 shares of the software maker’s stock worth $1,172,000 after purchasing an additional 664 shares during the period. Lord Abbett & CO. LLC bought a new position in Paylocity during the first quarter worth $14,007,000. Sei Investments Co. boosted its position in Paylocity by 1.3% during the first quarter. Sei Investments Co. now owns 66,053 shares of the software maker’s stock worth $13,594,000 after purchasing an additional 876 shares during the period. Canada Pension Plan Investment Board bought a new position in Paylocity during the first quarter worth $144,000. Finally, Covestor Ltd boosted its position in Paylocity by 88.1% during the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock worth $68,000 after purchasing an additional 155 shares during the period. 74.51% of the stock is owned by institutional investors.

Paylocity Stock Down 0.1 %

PCTY stock opened at $191.49 on Friday. The company has a market cap of $10.71 billion, a PE ratio of 76.60 and a beta of 1.11. The business has a 50-day simple moving average of $200.39 and a 200 day simple moving average of $193.35. Paylocity Holding Co. has a 52 week low of $160.00 and a 52 week high of $269.34.

Analyst Upgrades and Downgrades

PCTY has been the subject of a number of research analyst reports. Robert W. Baird reduced their price objective on shares of Paylocity from $311.00 to $280.00 in a research report on Friday, May 5th. StockNews.com initiated coverage on shares of Paylocity in a research report on Thursday. They issued a “hold” rating for the company. Citigroup boosted their target price on shares of Paylocity from $219.00 to $253.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Truist Financial reduced their target price on shares of Paylocity from $285.00 to $250.00 in a research report on Friday, May 5th. Finally, Barclays boosted their target price on shares of Paylocity from $204.00 to $213.00 and gave the company an “equal weight” rating in a research report on Friday, August 4th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $260.79.

Get Our Latest Research Report on Paylocity

Insider Activity at Paylocity

In related news, Director Bernard Robinson Kenneth sold 275 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $202.11, for a total value 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Paylocity news, Director Bernard Robinson Kenneth sold 275 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Joshua Scutt sold 3,091 shares of the business’s stock in a transaction dated Tuesday, July 11th. The stock was 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 of the company’s stock, valued at approximately $4,156,800. The disclosure for this sale can be found here. Insiders sold a total of 82,003 shares of company stock valued at $14,230,675 over the last quarter. 26.50% of the stock is owned by corporate insiders.

About Paylocity

(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.