Arizona State Retirement System increased its holdings in Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) by 11.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,735 shares of the software maker’s stock after buying an additional 1,249 shares during the period. Arizona State Retirement System’s holdings in Paylocity were worth $2,280,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in Paylocity in the fourth quarter valued at approximately $38,000. Allspring Global Investments Holdings LLC grew its stake 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 during the last quarter. Covestor Ltd grew its stake in shares of Paylocity by 88.1% during the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock worth $68,000 after buying an additional 155 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Paylocity by 85.2% during the third quarter. Bessemer Group Inc. now owns 313 shares of the software maker’s stock worth $76,000 after buying an additional 144 shares during the last quarter. Finally, CWM LLC lifted its holdings in shares of Paylocity by 16.1% during the third quarter. CWM LLC now owns 497 shares of the software maker’s stock worth $120,000 after purchasing an additional 69 shares during the period. 72.79% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Paylocity
In other news, CFO Ryan Glenn sold 1,250 shares of the business’s 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 transaction, the chief financial officer now directly owns 21,651 shares of the company’s stock, valued at $3,842,186.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Paylocity news, CFO Ryan Glenn sold 1,250 shares of the company’s 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 directly owns 21,651 shares of the company’s stock, valued at $3,842,186.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 75,000 shares of the stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $216.81, for a total transaction of $16,260,750.00. Following the completion of the sale, the director now directly owns 10,497,423 shares of the company’s stock, valued at $2,275,946,280.63. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 177,242 shares of company stock worth $36,661,532. Corporate insiders own 26.50% of the company’s stock.
Paylocity Stock Down 2.3 %
Paylocity (NASDAQ:PCTY – Get Rating) last announced its quarterly earnings results on Thursday, May 4th. The software maker reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.18. Paylocity had a net margin of 10.84% and a return on equity of 20.23%. The company had revenue of $339.86 million for the quarter, compared to analysts’ expectations of $332.79 million. Sell-side analysts anticipate that Paylocity Holding Co. will post 2.02 EPS for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the stock. DA Davidson upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and set a $245.00 price target on the stock in a report on Thursday, March 30th. They noted that the move was a valuation call. Needham & Company LLC reissued a “buy” rating and set a $325.00 target price on shares of Paylocity in a research report on Monday, February 13th. Cowen upped their price objective on shares of Paylocity from $231.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Piper Sandler reduced their price objective on shares of Paylocity from $297.00 to $245.00 in a research report on Friday, May 5th. Finally, Mizuho reduced their target price on shares of Paylocity from $230.00 to $200.00 in a research report on Friday, May 5th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $263.33.
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.
Further Reading
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