King Luther Capital Management Corp Decreases Stake in Paylocity Holding Co. (NASDAQ:PCTY)

King Luther Capital Management Corp lessened its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 20.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,798 shares of the software maker’s stock after selling 2,536 shares during the period. King Luther Capital Management Corp’s holdings in Paylocity were worth $1,615,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. American National Bank acquired a new position in shares of Paylocity in the 4th quarter valued at $31,000. GAMMA Investing LLC acquired a new position in Paylocity in the 4th quarter worth approximately $36,000. Principal Securities Inc. purchased a new position in Paylocity during the 4th quarter worth approximately $41,000. RiverPark Advisors LLC purchased a new stake in shares of Paylocity in the 3rd quarter valued at $43,000. Finally, Signaturefd LLC increased its stake in shares of Paylocity by 115.5% in the third quarter. Signaturefd LLC now owns 502 shares of the software maker’s stock worth $91,000 after acquiring an additional 269 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler lowered their price target on shares of Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Citigroup boosted their price target on Paylocity from $176.00 to $178.00 and gave the company a “neutral” rating in a report on Wednesday. Truist Financial lowered their price target on shares of Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Barclays lifted their price objective on shares of Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Finally, TD Cowen lowered their target price on shares of Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and an average target price of $196.40.

Insider Transactions at Paylocity

In related news, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the sale, the director now directly owns 14,704 shares in the company, valued at approximately $2,523,794.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the completion of the transaction, the director now directly owns 16,391 shares in the company, valued at approximately $2,762,703.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total transaction of $302,086.40. Following the sale, the director now owns 14,704 shares in the company, valued at $2,523,794.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,043 shares of company stock worth $5,056,642. 22.50% of the stock is currently owned by company insiders.

Paylocity Stock Down 4.1 %

PCTY traded down $6.69 during trading on Friday, reaching $157.50. The company’s stock had a trading volume of 148,193 shares, compared to its average volume of 489,190. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 47.73, a PEG ratio of 3.18 and a beta of 0.88. The firm has a fifty day simple moving average of $165.65 and a two-hundred day simple moving average of $162.42. Paylocity Holding Co. has a 1 year low of $139.40 and a 1 year high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.29. The company had revenue of $401.28 million for the quarter, compared to analyst estimates of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. As a group, equities analysts forecast that Paylocity Holding Co. will post 3.85 EPS for the current fiscal year.

Paylocity Profile

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.