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

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

Paylocity Price Performance

PCTY traded down $7.71 during midday trading on Friday, hitting $197.79. The stock had a trading volume of 548,696 shares, compared to its average volume of 483,587. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity has a 1 year low of $129.94 and a 1 year high of $215.68. The business has a fifty day moving average of $174.91 and a 200 day moving average of $158.50. The company has a market cap of $11.03 billion, a P/E ratio of 50.59, a price-to-earnings-growth ratio of 4.96 and a beta of 0.93.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. StockNews.com downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a report on Monday, August 5th. 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 report on Friday, November 1st. Piper Sandler boosted their price objective on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Finally, Mizuho increased their target price on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $196.64.

Insider Activity at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the transaction, the director now directly owns 11,755 shares in the company, valued at $2,310,445.25. This represents a 71.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ryan Glenn sold 500 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the transaction, the chief financial officer now owns 52,134 shares in the company, valued at $10,597,799.52. This represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,896 shares of company stock worth $6,049,629 over the last ninety days. Company insiders own 21.91% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. UMB Bank n.a. raised its position in Paylocity by 1,650.0% during the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after purchasing an additional 165 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Paylocity in the 3rd quarter worth $39,000. Rothschild Investment LLC purchased a new position in shares of Paylocity during the second quarter valued at approximately $40,000. Signaturefd LLC lifted its stake in shares of Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares during the period. Finally, Quarry LP raised its holdings in Paylocity by 149.2% in the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

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.