Bank of America Corp DE Sells 89,780 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Bank of America Corp DE decreased its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 39.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 140,475 shares of the software maker’s stock after selling 89,780 shares during the quarter. Bank of America Corp DE owned 0.25% of Paylocity worth $28,021,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Certuity LLC acquired a new stake in shares of Paylocity during the 4th quarter worth approximately $232,000. Barclays PLC lifted its stake in Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock worth $7,407,000 after purchasing an additional 5,609 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock valued at $1,165,000 after purchasing an additional 5,742 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Paylocity in the 4th quarter valued at $29,000. Finally, Park Avenue Securities LLC raised its holdings in shares of Paylocity by 63.3% during the 4th quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker’s stock worth $1,115,000 after buying an additional 2,167 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PCTY shares. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Scotiabank began coverage on shares of Paylocity in a research report on Wednesday, April 16th. They set a “sector perform” rating and a $190.00 price objective for the company. Jefferies Financial Group cut their target price on shares of Paylocity from $255.00 to $235.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Piper Sandler reiterated an “overweight” rating and set a $258.00 price target (up from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Finally, KeyCorp dropped their price target on Paylocity from $250.00 to $220.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.00.

Paylocity Stock Up 0.9%

Shares of NASDAQ PCTY opened at $201.04 on Friday. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80. The firm has a market cap of $11.10 billion, a PE ratio of 51.55, a P/E/G ratio of 4.49 and a beta of 0.58. The company’s fifty day simple moving average is $188.32 and its 200 day simple moving average is $197.76. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. Paylocity had a net margin of 14.76% and a return on equity of 22.45%. The firm had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. During the same period last year, the firm earned $2.21 earnings per share. The business’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 23,243 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the sale, the director now owns 470,452 shares in the company, valued at $89,856,332. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.91% of the stock is currently owned by corporate insiders.

Paylocity Company Profile

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.