Versor Investments LP Decreases Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Posted by Defense World Staff on Apr 14th, 2023

Versor Investments LP cut its holdings in Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,419 shares of the software maker’s stock after selling 174 shares during the period. Versor Investments LP’s holdings in Paylocity were worth $470,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PCTY. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Paylocity in the 4th quarter valued at about $20,589,000. Advisory Resource Group acquired a new position in Paylocity in the 4th quarter valued at about $494,000. New York State Teachers Retirement System raised its stake in Paylocity by 0.8% in the 4th quarter. New York State Teachers Retirement System now owns 37,985 shares of the software maker’s stock valued at $7,379,000 after purchasing an additional 300 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new position in Paylocity in the 4th quarter valued at about $1,065,000. Finally, M&G Investment Management Ltd. acquired a new position in Paylocity in the 4th quarter valued at about $2,231,000. 72.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on PCTY. StockNews.com began coverage on shares of Paylocity in a research note on Thursday, March 16th. They issued a “hold” rating for the company. KeyCorp boosted their target price on shares of Paylocity from $295.00 to $305.00 and gave the company an “overweight” rating in a research note on Friday, February 3rd. Cowen boosted their target price on shares of Paylocity from $231.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, February 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Paylocity in a research note on Friday, February 3rd. Finally, Robert W. Baird upped their price objective on shares of Paylocity from $305.00 to $311.00 in a research note on Friday, February 3rd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $272.36.

Insider Buying and Selling

In related news, CFO Ryan Glenn sold 1,250 shares of the stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $177.46, for a total transaction of $221,825.00. Following the completion of the sale, the chief financial officer now owns 21,651 shares of the company’s stock, valued at approximately $3,842,186.46. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Paylocity news, Director Steven I. Sarowitz sold 32,689 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $187.60, for a total value of $6,132,456.40. Following the completion of the transaction, the director now owns 10,309,423 shares in the company, valued at approximately $1,934,047,754.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Ryan Glenn sold 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $177.46, for a total value of $221,825.00. Following the completion of the transaction, the chief financial officer now owns 21,651 shares of the company’s stock, valued at approximately $3,842,186.46. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,242 shares of company stock valued at $36,661,532. 26.50% of the stock is currently owned by corporate insiders.

Paylocity Stock Performance

PCTY opened at $196.41 on Friday. The firm has a 50 day moving average price of $195.33 and a 200 day moving average price of $206.02. The company has a market cap of $10.95 billion, a PE ratio of 114.86 and a beta of 1.08. Paylocity Holding Co. has a 1 year low of $152.01 and a 1 year high of $276.88.

Paylocity (NASDAQ:PCTY – Get Rating) last posted its earnings results on Thursday, February 2nd. The software maker reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.10. The firm had revenue of $273.01 million during the quarter, compared to the consensus estimate of $259.78 million. Paylocity had a net margin of 9.58% and a return on equity of 18.52%. On average, sell-side analysts predict that Paylocity Holding Co. will post 2.08 earnings per share for the current year.

Paylocity Company Profile

(Get Rating)

Paylocity Holding Corp. engages in the development and provision of cloud-based software solutions. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.