Prevail Innovative Wealth Advisors LLC Buys New Shares in Paylocity Holding Co. (NASDAQ:PCTY)

Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Paylocity Holding Co. (NASDAQ:PCTY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,721 shares of the software maker’s stock, valued at approximately $1,282,000.

Other large investors have also recently added to or reduced their stakes in the company. Capital International Investors raised its holdings in shares of Paylocity by 119.0% in the 4th quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after purchasing an additional 658,057 shares during the period. Wasatch Advisors LP lifted its position in shares of Paylocity by 35.0% in the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after buying an additional 621,946 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Paylocity by 2,212.5% during the 4th quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after acquiring an additional 365,435 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock worth $1,518,176,000 after acquiring an additional 278,607 shares during the last quarter. Finally, Capital Research Global Investors bought a new stake in Paylocity in the 1st quarter valued at $46,902,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Steven R. Beauchamp sold 49,442 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the sale, the chief accounting officer now directly owns 4,751 shares in the company, valued at $659,106.23. The disclosure for this sale can be found here. Insiders sold 51,173 shares of company stock worth $7,296,388 over the last three months. Insiders own 22.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PCTY shares. Barclays reduced their price objective on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th. Piper Sandler decreased their price target on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. KeyCorp lowered their price target on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a report on Friday, July 19th. Truist Financial reduced their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Jefferies Financial Group dropped their price target on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a report on Monday, June 24th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $155.57 on Friday. The stock has a market capitalization of $8.65 billion, a P/E ratio of 45.22, a PEG ratio of 3.82 and a beta of 0.94. The stock’s fifty day moving average is $151.08 and its 200 day moving average is $155.18. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $206.28.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating the consensus estimate of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.76 EPS. Equities research analysts forecast that Paylocity Holding Co. will post 4.51 earnings per share for the current year.

Paylocity Company Profile

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.