Short Interest in Paylocity Holding Co. (NASDAQ:PCTY) Drops By 18.7%

Paylocity Holding Co. (NASDAQ:PCTY) was the target of a significant decline in short interest in the month of July. As of July 15th, there was short interest totalling 2,170,000 shares, a decline of 18.7% from the June 30th total of 2,670,000 shares. Based on an average daily volume of 595,900 shares, the short-interest ratio is currently 3.6 days. Currently, 4.9% of the shares of the company are short sold.

Insider Transactions at Paylocity

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,173 shares of company stock worth $7,296,388. Company insiders own 22.50% of the company’s stock.

Hedge Funds Weigh In On Paylocity

A number of hedge funds and other institutional investors have recently bought and sold shares of PCTY. Venturi Wealth Management LLC boosted its position in shares of Paylocity by 144.1% in the 1st quarter. Venturi Wealth Management LLC now owns 166 shares of the software maker’s stock worth $29,000 after purchasing an additional 98 shares during the last quarter. American National Bank acquired a new position in shares of Paylocity during the 4th quarter worth about $31,000. GAMMA Investing LLC bought a new stake in shares of Paylocity in the 4th quarter valued at about $36,000. Principal Securities Inc. acquired a new stake in shares of Paylocity in the 4th quarter valued at approximately $41,000. Finally, J.Safra Asset Management Corp boosted its stake in Paylocity by 80.0% during the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after acquiring an additional 108 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Paylocity Trading Up 1.2 %

Shares of PCTY traded up $1.83 during trading hours on Friday, hitting $149.43. 288,713 shares of the stock traded hands, compared to its average volume of 499,775. The business has a fifty day moving average of $142.22 and a 200-day moving average of $157.02. The firm has a market capitalization of $8.43 billion, a PE ratio of 43.44, a price-to-earnings-growth ratio of 2.58 and a beta of 0.92. Paylocity has a 1-year low of $129.94 and a 1-year high of $230.52.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.29. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. The company had revenue of $401.28 million for the quarter, compared to the consensus estimate of $396.93 million. As a group, equities research analysts expect that Paylocity will post 3.95 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PCTY shares. Citigroup lowered their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. Stifel Nicolaus lowered their price target on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. KeyCorp reduced their price objective on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a report on Friday, July 19th. Barclays dropped their price target on shares of Paylocity from $178.00 to $160.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Finally, TD Cowen decreased their price objective on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a report on Thursday, June 20th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $187.88.

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.