Truist Financial Corp Grows Stock Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Truist Financial Corp grew its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 6.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,033 shares of the software maker's stock after buying an additional 1,398 shares during the period. Truist Financial Corp's holdings in Paylocity were worth $4,395,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Prospera Private Wealth LLC acquired a new position in Paylocity during the third quarter worth $39,000. UMB Bank n.a. raised its holdings in shares of Paylocity by 41.1% in the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker's stock worth $49,000 after acquiring an additional 72 shares during the last quarter. Signaturefd LLC lifted its position in Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker's stock valued at $50,000 after acquiring an additional 167 shares in the last quarter. Quarry LP boosted its stake in Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker's stock valued at $51,000 after purchasing an additional 185 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Paylocity by 43.3% during the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock worth $77,000 after purchasing an additional 116 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PCTY. UBS Group raised their target price on Paylocity from $211.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Piper Sandler reaffirmed an "overweight" rating and set a $254.00 price objective (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Raymond James reiterated an "outperform" rating and issued a $265.00 target price (up previously from $215.00) on shares of Paylocity in a report on Friday, February 7th. BMO Capital Markets boosted their price target on shares of Paylocity from $175.00 to $203.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Finally, Barclays increased their price objective on shares of Paylocity from $214.00 to $231.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Paylocity has a consensus rating of "Moderate Buy" and an average target price of $233.25.

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Paylocity Stock Performance

Shares of NASDAQ PCTY traded down $4.26 during midday trading on Thursday, hitting $200.40. The company's stock had a trading volume of 338,496 shares, compared to its average volume of 493,870. The stock has a fifty day moving average price of $203.14 and a 200 day moving average price of $186.90. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of 51.38, a P/E/G ratio of 4.49 and a beta of 0.95. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $223.80. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. On average, research analysts forecast that Paylocity Holding Co. will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, CFO Ryan Glenn sold 2,600 shares of the business's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $205.40, for a total transaction of $534,040.00. Following the completion of the transaction, the chief financial officer now directly owns 48,150 shares in the company, valued at $9,890,010. The trade was a 5.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven I. Sarowitz sold 6,900 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $209.02, for a total value of $1,442,238.00. Following the completion of the sale, the director now owns 8,933,409 shares in the company, valued at $1,867,261,149.18. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,249 shares of company stock valued at $14,724,870 in the last quarter. 21.91% of the stock is currently owned by corporate insiders.

Paylocity 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.