CIBC Private Wealth Group LLC Reduces Position in Paylocity Holding Corp (NASDAQ:PCTY)

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CIBC Private Wealth Group LLC decreased its holdings in shares of Paylocity Holding Corp (NASDAQ:PCTY) by 14.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 24,302 shares of the software maker’s stock after selling 4,149 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Paylocity were worth $2,371,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PCTY. Tower Research Capital LLC TRC acquired a new position in shares of Paylocity during the 2nd quarter valued at about $31,000. Tyers Asset Management LLC boosted its position in shares of Paylocity by 136.4% during the 2nd quarter. Tyers Asset Management LLC now owns 416 shares of the software maker’s stock valued at $39,000 after acquiring an additional 240 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Paylocity by 38.5% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 568 shares of the software maker’s stock valued at $53,000 after acquiring an additional 158 shares during the last quarter. Elkfork Partners LLC boosted its position in shares of Paylocity by 136.4% during the 2nd quarter. Elkfork Partners LLC now owns 572 shares of the software maker’s stock valued at $54,000 after acquiring an additional 330 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in shares of Paylocity by 588.4% during the 2nd quarter. Parkside Financial Bank & Trust now owns 592 shares of the software maker’s stock valued at $56,000 after acquiring an additional 506 shares during the last quarter. 65.09% of the stock is owned by institutional investors and hedge funds.

In other Paylocity news, COO Michael R. Haske sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $105.78, for a total value of $5,289,000.00. Following the transaction, the chief operating officer now owns 800,195 shares of the company’s stock, valued at $84,644,627.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ronald V. Waters sold 4,516 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $106.30, for a total transaction of $480,050.80. Following the completion of the transaction, the director now directly owns 14,415,427 shares in the company, valued at approximately $1,532,359,890.10. The disclosure for this sale can be found here. Insiders sold 262,076 shares of company stock worth $26,692,978 in the last ninety days. 41.20% of the stock is currently owned by corporate insiders.

NASDAQ PCTY opened at $96.14 on Monday. The firm’s 50-day moving average is $99.63 and its two-hundred day moving average is $98.81. Paylocity Holding Corp has a 12 month low of $53.46 and a 12 month high of $112.46. The stock has a market capitalization of $5.22 billion, a P/E ratio of 89.02, a PEG ratio of 4.70 and a beta of 1.57.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 8th. The software maker reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.27. Paylocity had a net margin of 11.57% and a return on equity of 18.19%. The company had revenue of $120.37 million for the quarter, compared to analysts’ expectations of $117.51 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. Paylocity’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, equities research analysts anticipate that Paylocity Holding Corp will post 1.05 EPS for the current fiscal year.

Several research analysts have recently weighed in on PCTY shares. Jefferies Financial Group boosted their price target on shares of Paylocity to $115.00 in a research report on Thursday, August 8th. BidaskClub cut shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday. JMP Securities boosted their price target on shares of Paylocity to $115.00 and gave the company a “market perform” rating in a research report on Monday, July 22nd. ValuEngine cut shares of Paylocity from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, SunTrust Banks boosted their price target on shares of Paylocity from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $105.67.

About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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