Paylocity Holding Corp (NASDAQ:PCTY) was the target of a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 821,800 shares, a drop of 31.6% from the June 15th total of 1,202,300 shares. Based on an average trading volume of 375,700 shares, the short-interest ratio is currently 2.2 days. Approximately 2.5% of the company’s stock are sold short.

In related news, SVP Mark S. Kinsey sold 935 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $95.37, for a total transaction of $89,170.95. Following the sale, the senior vice president now directly owns 85,312 shares in the company, valued at $8,136,205.44. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Edward W. Gaty sold 7,768 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $97.54, for a total transaction of $757,690.72. Following the sale, the senior vice president now owns 126,392 shares in the company, valued at $12,328,275.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 285,192 shares of company stock worth $27,120,606. 41.20% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. O Shaughnessy Asset Management LLC bought a new position in shares of Paylocity in the 1st quarter valued at about $61,000. Hilton Capital Management LLC bought a new stake in shares of Paylocity during the 1st quarter worth about $63,000. FNY Investment Advisers LLC bought a new stake in shares of Paylocity during the 2nd quarter worth about $79,000. SG Americas Securities LLC bought a new stake in shares of Paylocity during the 1st quarter worth about $132,000. Finally, BB&T Corp bought a new stake in shares of Paylocity during the 1st quarter worth about $208,000. 64.15% of the stock is owned by institutional investors.

Shares of PCTY traded up $1.20 during midday trading on Friday, reaching $107.11. The stock had a trading volume of 142,989 shares, compared to its average volume of 472,258. The company’s 50 day simple moving average is $100.08. Paylocity has a one year low of $53.46 and a one year high of $107.94. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 345.52, a PEG ratio of 5.94 and a beta of 1.72.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.19. Paylocity had a net margin of 9.52% and a return on equity of 15.29%. The company had revenue of $139.60 million during the quarter, compared to the consensus estimate of $135.97 million. During the same quarter last year, the firm posted $0.71 EPS. The company’s quarterly revenue was up 23.1% on a year-over-year basis. On average, equities analysts forecast that Paylocity will post 0.56 EPS for the current year.

PCTY has been the subject of a number of analyst reports. JMP Securities raised their target price on shares of Paylocity to $115.00 and gave the company a “market perform” rating in a research report on Monday, July 22nd. Raymond James set a $12.00 target price on shares of KVH Industries and gave the company a “buy” rating in a research report on Friday, May 17th. SunTrust Banks raised their target price on shares of Paylocity to $108.00 and gave the company a “positive” rating in a research report on Friday, May 3rd. Cantor Fitzgerald initiated coverage on shares of Upwork in a research report on Tuesday, June 18th. They issued an “overweight” rating for the company. Finally, Jefferies Financial Group raised their target price on shares of Monster Beverage from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $92.93.

Paylocity Company Profile

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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