Paylocity Holding Co. (NASDAQ:PCTY) Short Interest Update

Paylocity Holding Co. (NASDAQ:PCTY) saw a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 925,300 shares, a drop of 24.8% from the November 30th total of 1,230,000 shares. Approximately 2.1% of the shares of the company are short sold. Based on an average daily trading volume, of 383,600 shares, the days-to-cover ratio is presently 2.4 days.

Paylocity Price Performance

Shares of PCTY stock traded down $0.94 during trading hours on Friday, reaching $199.66. The company had a trading volume of 159,990 shares, compared to its average volume of 485,001. Paylocity has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $11.13 billion, a price-to-earnings ratio of 51.06, a PEG ratio of 4.93 and a beta of 0.92. The stock has a fifty day moving average of $198.46 and a 200-day moving average of $167.97.

Insiders Place Their Bets

In other Paylocity news, CFO Ryan Glenn sold 2,600 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $205.40, for a total value of $534,040.00. Following the completion of the transaction, the chief financial officer now directly owns 48,150 shares of the company’s stock, valued at approximately $9,890,010. The trade was a 5.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 3,083 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $200.73, for a total transaction of $618,850.59. Following the sale, the director now directly owns 8,335,347 shares in the company, valued at $1,673,154,203.31. The trade was a 0.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 155,544 shares of company stock valued at $31,338,147. 21.91% of the stock is owned by insiders.

Institutional Trading of Paylocity

Several large investors have recently added to or reduced their stakes in PCTY. JPMorgan Chase & Co. grew its position in Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after acquiring an additional 385,625 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of Paylocity by 3.2% in the third quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker’s stock worth $47,389,000 after acquiring an additional 8,878 shares in the last quarter. Tidal Investments LLC increased its holdings in Paylocity by 207.0% during the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker’s stock worth $1,458,000 after purchasing an additional 5,958 shares during the period. Coldstream Capital Management Inc. acquired a new stake in Paylocity in the third quarter valued at approximately $239,000. Finally, Geode Capital Management LLC lifted its position in shares of Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after purchasing an additional 36,590 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Piper Sandler raised their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. BMO Capital Markets upped their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial boosted their price objective on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Mizuho increased their target price on Paylocity from $180.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Finally, TD Cowen upped their price objective on shares of Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $205.71.

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.