Forsta AP Fonden bought a new stake in Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,600 shares of the software maker’s stock, valued at approximately $2,059,000.
Several other hedge funds have also bought and sold shares of PCTY. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Paylocity during the 4th quarter worth about $38,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Paylocity by 9,150.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 185 shares of the software maker’s stock worth $44,000 after buying an additional 183 shares in the last quarter. Covestor Ltd boosted its position in shares of Paylocity by 88.1% in the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock valued at $68,000 after acquiring an additional 155 shares during the period. Bessemer Group Inc. grew its stake in shares of Paylocity by 85.2% in the third quarter. Bessemer Group Inc. now owns 313 shares of the software maker’s stock valued at $76,000 after acquiring an additional 144 shares in the last quarter. Finally, CWM LLC raised its stake in Paylocity by 16.1% in the 3rd quarter. CWM LLC now owns 497 shares of the software maker’s stock worth $120,000 after purchasing an additional 69 shares in the last quarter. 72.79% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the stock. KeyCorp lifted their price objective 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. Robert W. Baird upped their price objective on Paylocity from $305.00 to $311.00 in a research report on Friday, February 3rd. Piper Sandler lifted their target price on Paylocity from $276.00 to $297.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Paylocity in a research note on Monday, February 13th. Finally, JMP Securities reissued a “market outperform” rating and issued a $320.00 target price on shares of Paylocity in a report on Friday, February 3rd. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $272.36.
Paylocity Trading Up 0.7 %
Paylocity (NASDAQ:PCTY – Get Rating) last announced its earnings results on Thursday, February 2nd. The software maker reported $0.34 EPS for the quarter, beating the consensus estimate of $0.24 by $0.10. Paylocity had a return on equity of 18.52% and a net margin of 9.58%. The business had revenue of $273.01 million for the quarter, compared to analysts’ expectations of $259.78 million. As a group, analysts forecast that Paylocity Holding Co. will post 2.08 earnings per share for the current fiscal year.
Insider Transactions at Paylocity
In related news, Director Steven I. Sarowitz sold 75,000 shares of the business’s stock in a transaction on Tuesday, February 14th. The shares were sold at an average price of $216.81, for a total value of $16,260,750.00. Following the transaction, the director now owns 10,497,423 shares in the company, valued at $2,275,946,280.63. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Steven I. Sarowitz sold 75,000 shares of Paylocity stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $216.81, for a total value of $16,260,750.00. Following the completion of the transaction, the director now directly owns 10,497,423 shares of the company’s stock, valued at approximately $2,275,946,280.63. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Ryan Glenn sold 1,250 shares of the company’s stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $214.95, for a total value of $268,687.50. Following the sale, the chief financial officer now owns 23,288 shares in the company, valued at approximately $5,005,755.60. The disclosure for this sale can be found here. Insiders sold a total of 177,242 shares of company stock worth $36,661,532 over the last three months. 26.50% of the stock is owned by company insiders.
About Paylocity
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.
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