Wasatch Advisors LP Cuts Stake in Paylocity Holding Corporation $PCTY

Wasatch Advisors LP reduced its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 808,012 shares of the software maker’s stock after selling 33,975 shares during the period. Wasatch Advisors LP owned about 1.50% of Paylocity worth $87,298,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. purchased a new stake in shares of Paylocity in the 3rd quarter valued at $104,657,000. Norges Bank purchased a new position in Paylocity in the 4th quarter worth $88,428,000. Morgan Stanley lifted its stake in Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after purchasing an additional 442,218 shares during the last quarter. AQR Capital Management LLC lifted its stake in Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after purchasing an additional 404,605 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Paylocity by 261.2% during the fourth quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker’s stock valued at $81,509,000 after buying an additional 386,494 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Price Performance

PCTY stock opened at $106.35 on Friday. The firm’s 50-day moving average price is $107.48 and its two-hundred day moving average price is $119.56. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $197.78. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of 22.68 and a beta of 0.51. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling at Paylocity

In related news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president owned 17,679 shares in the company, valued at $2,033,968.95. The trade was a 4.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 19.40% of the company’s stock.

Analysts Set New Price Targets

PCTY has been the topic of a number of recent research reports. Barclays raised their price objective on Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Citigroup boosted their target price on Paylocity from $133.00 to $136.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Stephens dropped their target price on Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. Zacks Research upgraded Paylocity from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, Raymond James Financial set a $140.00 price target on Paylocity in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $157.44.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.