Paylocity Holding Corp. (PCTY) Sees Large Volume Increase
Paylocity Holding Corp. (NASDAQ:PCTY) shares 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.
Several research firms have issued reports on PCTY. Robert W. Baird reissued a “buy” rating on shares of Paylocity Holding Corp. in a research note 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 on the stock in a research report on Wednesday, May 11th. First Analysis downgraded Paylocity Holding Corp. from an “overweight” rating to an “equal weight” rating and set a $42.00 target price on the stock. in a research report on Friday, July 8th. TheStreet raised Paylocity Holding Corp. from a “sell” rating to a “hold” rating in a research report on Friday, May 6th. Finally, Stifel Nicolaus lowered their target price on Paylocity Holding Corp. from $47.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, May 6th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $44.00.
The company has a 50-day moving average price of $41.20 and a 200-day moving average price of $35.24. The firm’s market capitalization is $2.28 billion.
Paylocity Holding Corp. (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 5th. The company reported $0.21 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.07. During the same period last year, the company posted $0.11 EPS. The firm had revenue of $70.57 million for the quarter, compared to the consensus estimate of $67.26 million. The business’s revenue was up 49.3% compared to the same quarter last year. On average, equities analysts forecast 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 dated Thursday, May 19th. The shares were sold at an average price of $35.24, for a total transaction of $1,014,066.24. Following the transaction, the vice president now owns 1,510,635 shares of the company’s stock, valued at approximately $53,234,777.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 9,791 shares of the stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $36.06, for a total transaction of $353,063.46. Following the transaction, the chief executive officer now directly owns 2,438,281 shares in the company, valued at approximately $87,924,412.86. The disclosure for this sale can be found here.
Several institutional investors recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its position in Paylocity Holding Corp. by 5.5% in the fourth quarter. Marshall Wace LLP now owns 382,997 shares of the company’s stock worth $15,531,000 after buying an additional 19,999 shares during the period. Russell Frank Co boosted its position in Paylocity Holding Corp. by 15.6% in the fourth quarter. Russell Frank Co now owns 183,949 shares of the company’s stock worth $7,740,000 after buying an additional 24,853 shares during the period. American Century Companies Inc. bought a new position in Paylocity Holding Corp. during the fourth quarter worth about $4,430,000. Nationwide Fund Advisors boosted its position in Paylocity Holding Corp. by 16.4% in the fourth quarter. Nationwide Fund Advisors now owns 97,759 shares of the company’s stock worth $3,964,000 after buying an additional 13,789 shares during the period. Finally, Sei Investments Co. boosted its position in Paylocity Holding Corp. by 4,783.4% in the fourth quarter. Sei Investments Co. now owns 76,767 shares of the company’s stock worth $3,113,000 after buying an additional 75,195 shares during the period.
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.