CWA Asset Management Group LLC Buys 2,981 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

CWA Asset Management Group LLC increased its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 48.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 9,181 shares of the software maker’s stock after acquiring an additional 2,981 shares during the period. CWA Asset Management Group LLC’s holdings in Paylocity were worth $1,720,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCTY. Rhumbline Advisers lifted its stake in shares of Paylocity by 0.4% during the 4th quarter. Rhumbline Advisers now owns 123,643 shares of the software maker’s stock worth $24,663,000 after acquiring an additional 541 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Paylocity by 13.8% during the 4th quarter. Principal Financial Group Inc. now owns 141,518 shares of the software maker’s stock worth $28,229,000 after acquiring an additional 17,176 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Paylocity by 1,659.5% during the 4th quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker’s stock worth $4,675,000 after acquiring an additional 21,889 shares during the last quarter. CIBC Asset Management Inc lifted its stake in shares of Paylocity by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker’s stock worth $348,000 after acquiring an additional 93 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in shares of Paylocity by 6.8% during the 4th quarter. Truist Financial Corp now owns 22,033 shares of the software maker’s stock worth $4,395,000 after acquiring an additional 1,398 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Paylocity Trading Down 0.3%

Shares of NASDAQ:PCTY opened at $176.45 on Thursday. Paylocity Holding Corporation has a 12-month low of $129.94 and a 12-month high of $223.80. The business’s fifty day simple moving average is $189.84 and its 200-day simple moving average is $195.62. The company has a market capitalization of $9.75 billion, a PE ratio of 44.00, a P/E/G ratio of 3.61 and a beta of 0.53. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.20.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The business had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. During the same period last year, the business posted $2.21 EPS. The business’s revenue was up 13.3% compared to the same quarter last year. As a group, equities research analysts predict that Paylocity Holding Corporation will post 4.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PCTY. BMO Capital Markets raised their price target on Paylocity from $210.00 to $226.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. KeyCorp reduced their price objective on Paylocity from $250.00 to $220.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Barclays raised their price objective on Paylocity from $204.00 to $209.00 and gave the stock an “equal weight” rating in a report on Friday, May 2nd. Finally, Piper Sandler restated an “overweight” rating and set a $258.00 price objective (up from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $224.75.

Insider Transactions at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares of the company’s stock, valued at $81,862,200. This trade represents a 5.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 21.91% of the company’s stock.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.