Royal Bank of Canada Boosts Stock Holdings in Paylocity Holding Corporation $PCTY

Royal Bank of Canada grew its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 40.5% during the first quarter, Holdings Channel reports. The institutional investor owned 134,181 shares of the software maker’s stock after purchasing an additional 38,697 shares during the quarter. Royal Bank of Canada’s holdings in Paylocity were worth $14,496,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Flagship Harbor Advisors LLC bought a new stake in shares of Paylocity in the 4th quarter valued at about $27,000. Los Angeles Capital Management LLC bought a new position in Paylocity during the 4th quarter worth approximately $30,000. Advisory Services Network LLC purchased a new position in Paylocity in the 3rd quarter worth approximately $38,000. Parallel Advisors LLC increased its stake in Paylocity by 446.2% in the 4th quarter. Parallel Advisors LLC now owns 284 shares of the software maker’s stock worth $43,000 after purchasing an additional 232 shares during the period. Finally, Leonteq Securities AG bought a new stake in Paylocity in the fourth quarter valued at approximately $45,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the sale, the senior vice president directly owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 19.40% of the company’s stock.

Paylocity Trading Down 0.7%

NASDAQ:PCTY opened at $150.42 on Friday. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $184.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.08. The company’s 50-day simple moving average is $119.10 and its 200 day simple moving average is $114.71. The firm has a market capitalization of $8.05 billion, a P/E ratio of 30.39 and a beta of 0.48.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The business had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter last year, the firm earned $1.56 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, analysts forecast that Paylocity Holding Corporation will post 6.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. TD Cowen lifted their target price on shares of Paylocity from $137.00 to $168.00 and gave the stock a “buy” rating in a research note on Wednesday. UBS Group boosted their price objective on shares of Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Truist Financial dropped their target price on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a report on Monday, June 29th. BMO Capital Markets boosted their price target on Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Citigroup reiterated a “buy” rating on shares of Paylocity in a report on Thursday. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and a consensus target price of $160.00.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.