Paylocity Holding Corp. (PCTY) Sees Large Volume Increase
Shares of Paylocity Holding Corp. (NASDAQ:PCTY) saw an uptick in trading volume on Thursday . 459,175 shares traded hands during mid-day trading, an increase of 32% from the previous session’s volume of 348,784 shares.The stock last traded at $45.07 and had previously closed at $44.31.
A number of research firms have commented on PCTY. Robert W. Baird reissued a “buy” rating on shares of Paylocity Holding Corp. in a report on Sunday, May 8th. Zacks Investment Research raised Paylocity Holding Corp. from a “hold” rating to a “strong-buy” rating and set a $40.00 target price for the company in a report on Wednesday, May 11th. First Analysis lowered Paylocity Holding Corp. from an “overweight” rating to an “equal weight” rating and set a $42.00 target price for the company. in a report on Friday, July 8th. TheStreet raised Paylocity Holding Corp. from a “sell” rating to a “hold” rating in a report on Friday, May 6th. Finally, Stifel Nicolaus reduced their target price on Paylocity Holding Corp. from $47.00 to $43.00 and set a “buy” rating for the company in a report on Friday, May 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $44.00.
The company’s market cap is $2.28 billion. The firm’s 50-day moving average is $40.95 and its 200-day moving average is $35.22.
Paylocity Holding Corp. (NASDAQ:PCTY) last posted its earnings results on Thursday, May 5th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.07. The company had revenue of $70.57 million for the quarter, compared to analysts’ expectations of $67.26 million. During the same quarter in the prior year, the company earned $0.11 EPS. The firm’s quarterly revenue was up 49.3% on a year-over-year basis. Analysts anticipate that Paylocity Holding Corp. will post $0.27 EPS for the current fiscal year.
In other news, VP Michael R. Haske sold 28,776 shares of the stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $35.24, for a total transaction of $1,014,066.24. Following the completion of the sale, the vice president now owns 1,510,635 shares in the company, valued at approximately $53,234,777.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Steven R. Beauchamp sold 20,000 shares of the stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $40.01, for a total value of $800,200.00. Following the sale, the chief executive officer now owns 2,387,672 shares of the company’s stock, valued at approximately $95,530,756.72. The disclosure for this sale can be found here.
Several hedge funds have modified their holdings of the stock. California State Teachers Retirement System raised its stake in shares of Paylocity Holding Corp. by 1.4% in the fourth quarter. California State Teachers Retirement System now owns 28,680 shares of the company’s stock valued at $1,163,000 after buying an additional 400 shares in the last quarter. Turner Investments L.P. raised its stake in shares of Paylocity Holding Corp. by 133.3% in the fourth quarter. Turner Investments L.P. now owns 35,000 shares of the company’s stock valued at $1,419,000 after buying an additional 20,000 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of Paylocity Holding Corp. during the fourth quarter valued at approximately $1,492,000. EAM Investors LLC acquired a new stake in shares of Paylocity Holding Corp. during the fourth quarter valued at approximately $2,769,000. Finally, Garelick Capital Partners LP acquired a new stake in shares of Paylocity Holding Corp. during the fourth quarter valued at approximately $3,028,000.
Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s solutions enable its clients to manage their workforce. Its multi-tenant software platform is configurable and includes a suite of payroll and HCM applications, such as time and labor tracking, benefits and talent management.
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