IFM Investors Pty Ltd Purchases Shares of 9,457 Paylocity Holding Co. (NASDAQ:PCTY)

IFM Investors Pty Ltd acquired a new position in shares of Paylocity Holding Co. (NASDAQ:PCTY) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,457 shares of the software maker’s stock, valued at approximately $1,625,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wasatch Advisors LP raised its stake in Paylocity by 35.0% during the 1st quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after purchasing an additional 621,946 shares during the period. State of Michigan Retirement System raised its position in Paylocity by 2.9% during the 1st quarter. State of Michigan Retirement System now owns 10,672 shares of the software maker’s stock valued at $1,834,000 after purchasing an additional 300 shares in the last quarter. Washington Capital Management Inc. raised its holdings in shares of Paylocity by 17.2% in the 1st quarter. Washington Capital Management Inc. now owns 3,400 shares of the software maker’s stock valued at $584,000 after purchasing an additional 500 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in Paylocity by 3.5% during the first quarter. Park Avenue Securities LLC now owns 5,098 shares of the software maker’s stock worth $876,000 after buying an additional 173 shares during the period. Finally, Yarbrough Capital LLC purchased a new stake in shares of Paylocity during the 1st quarter worth $361,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 7,760 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the sale, the chief executive officer now owns 1,746,468 shares in the company, valued at $291,572,832.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on PCTY shares. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 target price on shares of Paylocity in a report on Friday, February 9th. Piper Sandler lifted their price objective on Paylocity from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Truist Financial decreased their target price on shares of Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Jefferies Financial Group reaffirmed a “hold” rating and set a $180.00 price objective (down previously from $240.00) on shares of Paylocity in a research report on Friday, January 5th. Finally, Mizuho decreased their price target on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $205.13.

Paylocity Stock Performance

Shares of NASDAQ PCTY traded up $0.48 during mid-day trading on Friday, reaching $157.06. The company had a trading volume of 374,120 shares, compared to its average volume of 348,201. The stock has a market capitalization of $8.85 billion, a PE ratio of 53.06, a price-to-earnings-growth ratio of 3.40 and a beta of 0.87. The stock’s 50 day moving average is $167.16 and its 200-day moving average is $164.50. Paylocity Holding Co. has a twelve month low of $139.40 and a twelve month high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.08. The business had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. On average, sell-side analysts anticipate that Paylocity Holding Co. will post 3.48 EPS for the current year.

Paylocity Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.