Envestnet Asset Management Inc. Boosts Position in Paylocity Holding Corporation (NASDAQ:PCTY)

Envestnet Asset Management Inc. lifted its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 4.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 136,866 shares of the software maker’s stock after acquiring an additional 5,919 shares during the period. Envestnet Asset Management Inc.’s holdings in Paylocity were worth $25,641,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PCTY. Steward Partners Investment Advisory LLC raised its holdings in shares of Paylocity by 29.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock worth $55,000 after acquiring an additional 63 shares during the period. Proficio Capital Partners LLC purchased a new stake in Paylocity in the 4th quarter valued at about $2,467,000. Raymond James Financial Inc. purchased a new stake in Paylocity in the 4th quarter valued at about $6,818,000. PNC Financial Services Group Inc. raised its holdings in Paylocity by 2.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,156 shares of the software maker’s stock valued at $630,000 after buying an additional 77 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Paylocity by 3.7% in the 4th quarter. HighTower Advisors LLC now owns 4,764 shares of the software maker’s stock valued at $950,000 after buying an additional 172 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY opened at $179.68 on Wednesday. The stock has a 50 day moving average price of $187.42 and a 200 day moving average price of $192.72. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $9.92 billion, a price-to-earnings ratio of 44.81, a price-to-earnings-growth ratio of 3.52 and a beta of 0.50. Paylocity Holding Corporation has a 52-week low of $138.74 and a 52-week high of $223.80.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to the consensus estimate of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.21 earnings per share. Research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Insider Transactions at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the sale, the senior vice president owned 11,953 shares in the company, valued at approximately $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.91% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PCTY shares. Stifel Nicolaus reduced their price objective on shares of Paylocity from $250.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Citigroup reduced their price objective on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Scotiabank began coverage on shares of Paylocity in a report on Wednesday, April 16th. They issued a “sector perform” rating and a $190.00 price objective on the stock. BMO Capital Markets boosted their price target on shares of Paylocity from $210.00 to $226.00 and gave the stock an “outperform” rating in a research note on Friday, May 2nd. Finally, Jefferies Financial Group cut their price target on shares of Paylocity from $255.00 to $235.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $224.75.

About Paylocity

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.