Amalgamated Bank Reduces Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Amalgamated Bank reduced its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 2.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,099 shares of the software maker’s stock after selling 588 shares during the quarter. Amalgamated Bank owned about 0.05% of Paylocity worth $4,797,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Paylocity by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock worth $83,944,000 after purchasing an additional 11,025 shares during the last quarter. Park Avenue Securities LLC purchased a new position in Paylocity during the 3rd quarter worth approximately $991,000. State of Michigan Retirement System boosted its holdings in shares of Paylocity by 1.0% in the 3rd quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock valued at $1,866,000 after acquiring an additional 100 shares during the last quarter. Assetmark Inc. increased its stake in shares of Paylocity by 1,716.8% in the third quarter. Assetmark Inc. now owns 2,271 shares of the software maker’s stock worth $413,000 after acquiring an additional 2,146 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Paylocity by 13.7% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 101,722 shares of the software maker’s stock worth $18,483,000 after purchasing an additional 12,263 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PCTY has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of Paylocity from $210.00 to $194.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Mizuho reduced their price target on Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. BTIG Research started coverage on Paylocity in a research report on Tuesday, February 6th. They issued a “buy” rating and a $200.00 price objective on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a report on Monday, January 22nd. Finally, TD Cowen lowered their price target on shares of Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $196.67.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 1,760 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total transaction of $302,086.40. Following the sale, the director now owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Paylocity Price Performance

NASDAQ PCTY opened at $169.09 on Wednesday. Paylocity Holding Co. has a 1-year low of $139.40 and a 1-year high of $230.52. The company has a market cap of $9.52 billion, a PE ratio of 49.15, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. The stock’s 50 day simple moving average is $165.32 and its 200-day simple moving average is $162.67.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.08. The company had revenue of $326.36 million for the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. On average, equities research analysts anticipate that Paylocity Holding Co. will post 3.48 EPS for the current fiscal year.

About Paylocity

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.