Paylocity Holding Co. (NASDAQ:PCTY) Sees Significant Decrease in Short Interest

Paylocity Holding Co. (NASDAQ:PCTY) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 1,120,000 shares, a decline of 22.2% from the October 15th total of 1,440,000 shares. Based on an average daily trading volume, of 450,800 shares, the days-to-cover ratio is presently 2.5 days. Approximately 2.6% of the shares of the stock are short sold.

Insider Activity at Paylocity

In related news, Director Jeffrey T. Diehl sold 29,606 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total value of $5,819,059.30. Following the sale, the director now owns 11,755 shares of the company’s stock, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ryan Glenn sold 500 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total value of $101,640.00. Following the sale, the chief financial officer now directly owns 52,134 shares in the company, valued at approximately $10,597,799.52. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,896 shares of company stock worth $6,049,629 over the last three months. 21.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PCTY. UMB Bank n.a. increased its stake in Paylocity by 1,650.0% during the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after acquiring an additional 165 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Paylocity during the 3rd quarter worth approximately $39,000. Rothschild Investment LLC bought a new stake in shares of Paylocity in the 2nd quarter worth about $40,000. Signaturefd LLC increased its holdings in shares of Paylocity by 121.0% during the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after buying an additional 167 shares in the last quarter. Finally, Quarry LP increased its holdings 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 in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Price Performance

Paylocity stock traded down $7.71 during mid-day trading on Friday, hitting $197.79. The company’s stock had a trading volume of 548,696 shares, compared to its average volume of 483,587. Paylocity has a twelve month low of $129.94 and a twelve month high of $215.68. The stock has a market capitalization of $11.03 billion, a P/E ratio of 50.59, a P/E/G ratio of 4.96 and a beta of 0.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average price is $174.91 and its two-hundred day moving average price is $158.50.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. BMO Capital Markets upped their target price on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Truist Financial upped their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. JMP Securities reissued a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. Jefferies Financial Group lifted their price target on shares of Paylocity from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Piper Sandler boosted their price objective on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $196.64.

About Paylocity

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.