Paylocity Holding Co. (NASDAQ:PCTY) sees sharp drop in short-term interest

Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) benefited from a sharp drop in short-term interest rates in August. As of August 15, there was short interest totaling 1,350,000 shares, down 21.5% from the July 31 total of 1,720,000 shares. Based on an average daily volume of 321,600 shares, the short interest ratio is currently 4.2 days. Currently, 3.4% of the stock’s shares are sold short.

Analysts set new price targets

Several research companies have recently published reports on PCTY. Wolfe Research raised its price target on Paylocity from $220.00 to $290.00 and gave the stock an “outperform” rating in a Monday, August 8 report. Cowen raised its price target on Paylocity from $240.00 to $265.00 in a Friday, August 5 report. Piper Sandler raised its price target on Paylocity from $195.00 to $269.00 and gave the stock an “overweight” rating in a Friday, August 5 report. Credit Suisse Group raised its price target on Paylocity to $240.00 in a Tuesday, August 9 report. Finally, Jefferies Financial Group lowered its target price on Paylocity from $255.00 to $200.00 in a Monday, May 23 report. Three equity research analysts gave the stock a hold rating and twelve gave the stock a buy rating. According to data from MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and an average price target of $267.19.

Paylocity Share Performance

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PCTY opened at $245.77 on Friday. The stock has a market capitalization of $13.55 billion, a PE ratio of 152.65 and a beta of 1.27. Paylocity has a one-year minimum of $152.01 and a one-year maximum of $314.49. The company’s 50-day moving average price is $210.81 and its 200-day moving average price is $197.69.

Paylocity (NASDAQ:PCTY – Get Rating) last announced its results on Thursday, August 4. The software maker reported earnings per share (EPS) of $0.33 for the quarter, beating consensus analyst estimates of $0.22 from $0.11. The company posted revenue of $228.95 million for the quarter, versus analyst estimates of $217.96 million. Paylocity had a return on equity of 17.29% and a net margin of 10.65%. The company’s quarterly revenue increased by 36.7% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $0.24. As a group, equity research analysts expect Paylocity to post earnings per share of 1.97 for the current fiscal year.

Insider Activity at Paylocity

In related news, COO Michael R. Haske sold 33,355 Paylocity shares in a trade dated Friday, July 8. The stock was sold at an average price of $200.00, for a total value of $6,671,000.00. Following completion of the transaction, the COO now owns 775,885 shares of the company, valued at approximately $155,177,000. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Separately, CAO Nicholas Rost sold 185 Paylocity shares in a trade dated Tuesday, August 16. The stock was sold at an average price of $268.00, for a total value of $49,580.00. As a result of the sale, the accounting chief now directly owns 4,877 shares of the company, valued at approximately $1,307,036. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Additionally, COO Michael R. Haske sold 33,355 Paylocity shares in a trade dated Friday, July 8. The stock was sold at an average price of $200.00, for a total value of $6,671,000.00. Following the completion of the sale, the COO now owns 775,885 shares of the company, valued at $155,177,000. The disclosure of this sale can be found here. Insiders sold a total of 206,223 shares of the company worth $47,715,503 in the past 90 days. Company insiders own 28.80% of the company’s stock.

Paylocity Institutional Commerce

A number of institutional investors and hedge funds have recently increased or reduced their stake in PCTY. Parallel Advisors LLC increased its position in Paylocity shares by 101.7% during the first quarter. Parallel Advisors LLC now owns 121 shares of the software maker worth $25,000 after acquiring 61 additional shares during the period. Castle Wealth Management LLC purchased a new equity stake in Paylocity during the second quarter for $37,000. Signaturefd LLC increased its position in Paylocity shares by 1,730.0% during the first quarter. Signaturefd LLC now owns 183 shares of the software maker worth $38,000 after acquiring 173 additional shares during the period. Northwestern Mutual Wealth Management Co. purchased a new equity stake in Paylocity during the first quarter for $41,000. Finally, Covestor Ltd purchased a new equity stake in Paylocity during the fourth quarter for $42,000. Hedge funds and other institutional investors hold 69.01% of the company’s shares.

Paylocity Company Profile

(Get a rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for midsize businesses in the United States. The company offers a payroll and tax services solution to simplify payroll, automate processes and manage compliance requirements within a single system; expense management, pay-on-demand and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard and HR dashboard; a time and attendance solution, which tracks time and attendance data, eliminating the need for manual expense tracking and reducing administrative tasks; timetable tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

Further reading

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