Commerce Bank acquired a new stake in shares of Paylocity Holding Corp (NASDAQ:PCTY) during the 3rd quarter, HoldingsChannel reports. The fund acquired 5,956 shares of the software maker’s stock, valued at approximately $478,000.

Other hedge funds have also recently made changes to their positions in the company. Motley Fool Asset Management LLC purchased a new stake in Paylocity during the 2nd quarter valued at about $2,354,000. AMP Capital Investors Ltd purchased a new stake in Paylocity during the 2nd quarter valued at about $288,000. Ardsley Advisory Partners purchased a new stake in Paylocity during the 2nd quarter valued at about $853,000. Clearfield Capital Management LP purchased a new stake in Paylocity during the 2nd quarter valued at about $6,510,000. Finally, Tower Research Capital LLC TRC purchased a new stake in Paylocity during the 2nd quarter valued at about $102,000. 65.17% of the stock is currently owned by institutional investors.

In other news, Director Steven I. Sarowitz sold 144,124 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $64.75, for a total value of $9,332,029.00. Following the transaction, the director now owns 14,820,606 shares in the company, valued at approximately $959,634,238.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mark S. Kinsey sold 386 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $66.65, for a total transaction of $25,726.90. Following the completion of the transaction, the senior vice president now owns 86,331 shares in the company, valued at approximately $5,753,961.15. The disclosure for this sale can be found here. Insiders sold a total of 1,082,124 shares of company stock worth $70,836,551 in the last quarter. Company insiders own 41.20% of the company’s stock.

Several research firms have issued reports on PCTY. ValuEngine upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Monday. BidaskClub cut shares of Paylocity from a “hold” rating to a “sell” rating in a research note on Monday, October 15th. Royal Bank of Canada restated a “hold” rating and set a $68.00 target price on shares of Paylocity in a research note on Wednesday, August 8th. Needham & Company LLC upped their target price on shares of Paylocity from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, August 10th. Finally, Guggenheim began coverage on shares of Paylocity in a research note on Monday, August 20th. They set a “buy” rating and a $80.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. Paylocity has an average rating of “Buy” and a consensus price target of $68.36.

Shares of NASDAQ:PCTY opened at $63.61 on Monday. Paylocity Holding Corp has a twelve month low of $41.15 and a twelve month high of $88.47. The company has a market capitalization of $3.31 billion, a PE ratio of 205.19, a price-to-earnings-growth ratio of 4.96 and a beta of 2.19.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, November 1st. The software maker reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Paylocity had a net margin of 12.08% and a return on equity of 12.35%. The firm had revenue of $100.50 million for the quarter, compared to analysts’ expectations of $98.37 million. During the same quarter in the prior year, the business earned $0.15 EPS. The business’s quarterly revenue was up 23.3% on a year-over-year basis. On average, research analysts expect that Paylocity Holding Corp will post 0.63 earnings per share for the current fiscal year.

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Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Want to see what other hedge funds are holding PCTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paylocity Holding Corp (NASDAQ:PCTY).

Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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