The Manufacturers Life Insurance Company Takes Position in Paylocity Holding Corporation $PCTY

The Manufacturers Life Insurance Company bought a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 30,683 shares of the software maker’s stock, valued at approximately $3,207,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Paylocity as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PCTY. BlackRock Inc. purchased a new stake in shares of Paylocity in the second quarter valued at about $430,315,000. Alyeska Investment Group L.P. purchased a new stake in Paylocity in the 3rd quarter valued at approximately $104,657,000. Norges Bank acquired a new stake in Paylocity during the 4th quarter valued at $88,428,000. Deutsche Bank AG acquired a new position in shares of Paylocity in the second quarter worth $54,906,000. Finally, Morgan Stanley lifted its position in shares of Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after acquiring an additional 442,218 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Trading Down 2.6%

NASDAQ PCTY opened at $156.02 on Wednesday. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 31.52 and a beta of 0.45. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $178.91. The company’s 50 day moving average price is $133.64 and its 200 day moving average price is $116.91.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same period in the previous year, the firm earned $1.56 earnings per share. Paylocity’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts predict that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Insider Activity

In other Paylocity news, SVP Andrew Cappotelli sold 2,550 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $149.83, for a total transaction of $382,066.50. Following the transaction, the senior vice president owned 44,329 shares in the company, valued at $6,641,814.07. The trade was a 5.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Ryan Glenn sold 3,345 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $149.75, for a total value of $500,913.75. Following the completion of the sale, the chief financial officer directly owned 122,563 shares of the company’s stock, valued at $18,353,809.25. The trade was a 2.66% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 54,145 shares of company stock worth $8,312,067 in the last quarter. Insiders own 19.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PCTY shares. Truist Financial cut their target price on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a research note on Monday, June 29th. BMO Capital Markets upped their price objective on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. TD Cowen lifted their target price on shares of Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Citigroup reissued a “buy” rating on shares of Paylocity in a research note on Thursday, August 6th. Finally, Stephens dropped their target price on Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $160.53.

Paylocity Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.