Ground Swell Capital LLC Invests $464,000 in Paylocity Holding Co. (NASDAQ:PCTY)

Ground Swell Capital LLC acquired a new stake in Paylocity Holding Co. (NASDAQ:PCTY) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,518 shares of the software maker’s stock, valued at approximately $464,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. American National Bank acquired a new position in Paylocity during the 4th quarter worth $31,000. J.Safra Asset Management Corp raised its holdings in shares of Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after purchasing an additional 108 shares in the last quarter. Principal Securities Inc. acquired a new stake in Paylocity in the fourth quarter valued at $41,000. Rothschild Investment LLC purchased a new stake in Paylocity during the 2nd quarter worth about $40,000. Finally, GAMMA Investing LLC increased its holdings in shares of Paylocity by 34.7% in the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after acquiring an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PCTY. Stifel Nicolaus decreased their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Truist Financial dropped their target price on shares of Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Robert W. Baird decreased their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a research note on Tuesday, June 18th. Barclays cut their target price on Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Paylocity in a research note on Thursday, September 5th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $179.13.

Insider Buying and Selling at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now owns 4,751 shares in the company, valued at approximately $659,106.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Nicholas Rost sold 331 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the sale, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,173 shares of company stock valued at $7,296,388. Corporate insiders own 22.50% of the company’s stock.

Paylocity Trading Up 0.9 %

Shares of PCTY stock opened at $157.96 on Wednesday. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $206.28. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 45.92, a price-to-earnings-growth ratio of 3.72 and a beta of 0.94. The stock has a 50 day simple moving average of $150.10 and a 200-day simple moving average of $155.16.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.76 earnings per share. On average, equities analysts forecast that Paylocity Holding Co. will post 4.51 earnings per share for the current fiscal year.

Paylocity Profile

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.