Truist Financial Corp Sells 4,585 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Truist Financial Corp reduced its position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 18.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,528 shares of the software maker's stock after selling 4,585 shares during the quarter. Truist Financial Corp's holdings in Paylocity were worth $2,707,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PCTY. Rothschild Investment LLC acquired a new position in shares of Paylocity in the 2nd quarter valued at about $40,000. J.Safra Asset Management Corp grew its holdings in shares of Paylocity by 80.0% during the first 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 during the last quarter. GAMMA Investing LLC raised its position in shares of Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker's stock worth $52,000 after purchasing an additional 78 shares during the period. RiverPark Advisors LLC lifted its holdings in shares of Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker's stock worth $66,000 after purchasing an additional 231 shares during the last quarter. Finally, Versant Capital Management Inc acquired a new position in Paylocity during the 2nd quarter valued at approximately $66,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Paylocity Trading Down 0.4 %

NASDAQ:PCTY traded down $0.67 during mid-day trading on Thursday, reaching $162.74. 228,372 shares of the stock were exchanged, compared to its average volume of 510,435. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $205.66. The firm has a market capitalization of $9.18 billion, a PE ratio of 47.31, a PEG ratio of 4.05 and a beta of 0.95. The business has a fifty day moving average price of $159.06 and a 200 day moving average price of $154.50.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.17%. The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. On average, sell-side analysts forecast that Paylocity Holding Co. will post 4.51 earnings per share for the current year.

Insider Buying and Selling

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of the business's stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the sale, the chief financial officer now owns 31,074 shares in the company, valued at approximately $4,352,224.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Ryan Glenn sold 1,400 shares of the firm's stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total value of $196,084.00. Following the completion of the transaction, the chief financial officer now owns 31,074 shares of the company's stock, valued at approximately $4,352,224.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,632 shares of company stock worth $7,379,399 in the last three months. 22.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PCTY shares. TD Cowen cut their target price on Paylocity from $180.00 to $153.00 and set a "buy" rating on the stock in a research note on Thursday, June 20th. JMP Securities reissued a "market outperform" rating and set a $250.00 target price on shares of Paylocity in a research note on Monday, August 5th. Robert W. Baird dropped their price target on shares of Paylocity from $225.00 to $195.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 18th. Needham & Company LLC reiterated a "buy" rating and set a $200.00 price objective on shares of Paylocity in a research report on Thursday, September 5th. Finally, Piper Sandler lowered their target price on Paylocity from $194.00 to $172.00 and set an "overweight" rating on the stock in a research report on Friday, August 2nd. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $179.87.

Paylocity Company 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.