Fisher Asset Management LLC Cuts Position in Paylocity Holding Co. (NASDAQ:PCTY)

Fisher Asset Management LLC lessened its holdings in Paylocity Holding Co. (NASDAQ:PCTY) by 1.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 72,752 shares of the software maker’s stock after selling 1,235 shares during the quarter. Fisher Asset Management LLC’s holdings in Paylocity were worth $11,993,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp increased its position in Paylocity by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock worth $83,944,000 after buying an additional 11,025 shares in the last quarter. Park Avenue Securities LLC bought a new position in Paylocity during the third quarter valued at $991,000. State of Michigan Retirement System lifted its holdings in shares of Paylocity by 1.0% in the 3rd quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock worth $1,866,000 after acquiring an additional 100 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Paylocity by 1,716.8% in the 3rd quarter. Assetmark Inc. now owns 2,271 shares of the software maker’s stock worth $413,000 after acquiring an additional 2,146 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Paylocity by 13.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 101,722 shares of the software maker’s stock worth $18,483,000 after acquiring an additional 12,263 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Activity at Paylocity

In related news, CEO Steven R. Beauchamp sold 7,760 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $168.55, for a total value of $3,376,393.60. Following the completion of the sale, the director now directly owns 16,391 shares in the company, valued at $2,762,703.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,547 shares of company stock valued at $9,356,359. Company insiders own 22.50% of the company’s stock.

Paylocity Stock Up 2.0 %

NASDAQ PCTY opened at $171.06 on Tuesday. Paylocity Holding Co. has a 52-week low of $139.40 and a 52-week high of $230.52. The stock has a market capitalization of $9.64 billion, a P/E ratio of 49.73, a P/E/G ratio of 3.63 and a beta of 0.88. The firm has a 50-day moving average price of $165.30 and a 200 day moving average price of $162.81.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. On average, equities research analysts expect that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PCTY has been the subject of several research reports. Citigroup upped their price target on shares of Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 31st. Truist Financial lowered their price objective on Paylocity from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Piper Sandler reduced their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a research note on Friday. TD Cowen reduced their price objective on Paylocity from $188.00 to $180.00 and set a “buy” rating for the company in a research note on Friday. Finally, KeyCorp lifted their price target on Paylocity from $186.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $196.67.

Paylocity Company 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.