Granite Investment Partners LLC Buys Shares of 47,320 Paylocity Holding Corporation $PCTY

Granite Investment Partners LLC bought a new stake in Paylocity Holding Corporation (NASDAQ:PCTY) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 47,320 shares of the software maker’s stock, valued at approximately $5,112,000.

Several other hedge funds have also recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of Paylocity by 22.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker’s stock worth $88,459,000 after buying an additional 100,400 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Paylocity by 60.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,486 shares of the software maker’s stock valued at $7,249,000 after acquiring an additional 17,950 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Paylocity by 311.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker’s stock valued at $65,891,000 after acquiring an additional 327,082 shares in the last quarter. Tudor Investment Corp ET AL raised its position in Paylocity by 50.7% during the third quarter. Tudor Investment Corp ET AL now owns 83,304 shares of the software maker’s stock worth $13,268,000 after acquiring an additional 28,016 shares during the last quarter. Finally, Chicago Capital LLC raised its position in Paylocity by 1,165.0% during the fourth quarter. Chicago Capital LLC now owns 97,579 shares of the software maker’s stock worth $14,881,000 after acquiring an additional 89,865 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. KeyCorp lowered their price target on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. UBS Group raised their price objective on shares of Paylocity from $114.00 to $115.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. TD Cowen cut their price objective on Paylocity from $155.00 to $137.00 and set a “buy” rating for the company in a research report on Friday, June 26th. Jefferies Financial Group set a $135.00 target price on Paylocity in a research note on Saturday, May 9th. Finally, Barclays increased their target price on Paylocity from $120.00 to $128.00 and gave the company an “equal weight” rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus price target of $156.61.

Insiders Place Their Bets

In other Paylocity 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 completion of the sale, the senior vice president owned 17,679 shares of the company’s stock, valued at approximately $2,033,968.95. The trade was a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company’s stock.

Paylocity Stock Down 3.1%

Shares of NASDAQ PCTY opened at $115.21 on Thursday. The stock has a market capitalization of $6.17 billion, a PE ratio of 24.57 and a beta of 0.52. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average of $109.15 and a 200-day moving average of $117.30. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $197.78.

Paylocity Company Profile

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.