Lazard Asset Management LLC Boosts Stock Holdings in Paylocity Holding Corporation $PCTY

Lazard Asset Management LLC lifted its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 33.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,890 shares of the software maker’s stock after purchasing an additional 6,539 shares during the period. Lazard Asset Management LLC’s holdings in Paylocity were worth $2,797,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Alyeska Investment Group L.P. acquired a new position in shares of Paylocity during the third quarter worth about $104,657,000. Norges Bank purchased a new stake in shares of Paylocity in the 4th quarter valued at approximately $88,428,000. Morgan Stanley raised its holdings in shares of Paylocity by 117.9% in the 4th quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after purchasing an additional 442,218 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Paylocity by 75.1% in the 4th quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock valued at $143,747,000 after purchasing an additional 404,605 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of Paylocity by 261.2% in the 4th quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker’s stock valued at $81,509,000 after purchasing an additional 386,494 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

PCTY has been the subject of a number of analyst reports. Truist Financial lowered their target price on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating for the company in a research note on Monday, June 29th. KeyCorp decreased their price target on Paylocity from $190.00 to $172.00 and set an “overweight” rating for the company in a report on Tuesday, April 28th. Jefferies Financial Group set a $135.00 price objective on Paylocity in a research report on Saturday, May 9th. Raymond James Financial set a $140.00 price objective on Paylocity in a report on Friday, May 8th. Finally, Zacks Research lowered Paylocity from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $151.88.

Paylocity Stock Performance

NASDAQ PCTY opened at $137.90 on Friday. The firm has a market cap of $7.38 billion, a P/E ratio of 29.40 and a beta of 0.52. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $197.78. The business’s 50-day moving average price is $115.60 and its 200 day moving average price is $114.59. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07.

Insider Buying and Selling

In other news, SVP Andrew Cappotelli sold 899 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the sale, the senior vice president directly owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by insiders.

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.