TimesSquare Capital Management LLC Sells 6,505 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

TimesSquare Capital Management LLC reduced its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 2.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 280,487 shares of the software maker’s stock after selling 6,505 shares during the period. TimesSquare Capital Management LLC’s holdings in Paylocity were worth $46,238,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of PCTY. Avior Wealth Management LLC grew its stake in Paylocity by 2.4% in the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH raised its position in Paylocity by 0.3% in the fourth quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock worth $3,902,000 after acquiring an additional 77 shares during the period. Seven Eight Capital LP grew its position in shares of Paylocity by 4.9% during the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after acquiring an additional 78 shares during the period. Leelyn Smith LLC increased its stake in shares of Paylocity by 1.6% during the 3rd quarter. Leelyn Smith LLC now owns 5,640 shares of the software maker’s stock worth $1,025,000 after purchasing an additional 88 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of Paylocity by 8.6% in the third quarter. Parkside Financial Bank & Trust now owns 1,150 shares of the software maker’s stock valued at $209,000 after buying an additional 91 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PCTY shares. Barclays boosted their price target on shares of Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. KeyCorp lifted their price objective on shares of Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. JMP Securities reissued a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research note on Monday, January 22nd. Truist Financial dropped their price target on Paylocity from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday, February 9th. Finally, Mizuho cut their price objective on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $196.67.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven R. Beauchamp sold 7,760 shares of Paylocity stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the transaction, the chief executive officer now directly owns 1,746,468 shares of the company’s stock, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is currently owned by corporate insiders.

Paylocity Stock Performance

PCTY stock traded down $4.49 on Thursday, reaching $163.79. The company’s stock had a trading volume of 576,084 shares, compared to its average volume of 496,046. The business has a fifty day simple moving average of $165.31 and a two-hundred day simple moving average of $162.71. The firm has a market cap of $9.24 billion, a PE ratio of 48.92, a PEG ratio of 3.63 and a beta of 0.88. Paylocity Holding Co. has a 12-month low of $139.40 and a 12-month high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.08. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The company had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. As a group, research analysts anticipate that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal year.

About Paylocity

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.