Fisher Asset Management LLC Decreases Stake in Paylocity Holding Corporation $PCTY

Fisher Asset Management LLC cut its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 92.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,268 shares of the software maker’s stock after selling 87,462 shares during the quarter. Fisher Asset Management LLC’s holdings in Paylocity were worth $1,317,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cetera Investment Advisers grew its position in Paylocity by 9.8% during the first quarter. Cetera Investment Advisers now owns 11,370 shares of the software maker’s stock worth $2,130,000 after buying an additional 1,017 shares during the period. LPL Financial LLC boosted its stake in shares of Paylocity by 21.1% during the 1st quarter. LPL Financial LLC now owns 23,140 shares of the software maker’s stock worth $4,167,000 after acquiring an additional 4,033 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Paylocity by 7.0% in the 1st quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker’s stock worth $807,966,000 after acquiring an additional 283,430 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Paylocity by 4.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 297,558 shares of the software maker’s stock worth $55,745,000 after acquiring an additional 12,002 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in Paylocity by 41.8% in the 1st quarter. Chicago Partners Investment Group LLC now owns 3,109 shares of the software maker’s stock valued at $571,000 after purchasing an additional 917 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Activity

In other news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction on Wednesday, November 19th. The stock was sold at an average price of $143.65, for a total value of $249,520.05. Following the completion of the sale, the chief financial officer owned 77,229 shares of the company’s stock, valued at $11,093,945.85. The trade was a 2.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 19.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

PCTY has been the topic of several research reports. TD Cowen lowered their target price on Paylocity from $192.00 to $172.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Jefferies Financial Group decreased their price objective on shares of Paylocity from $225.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Guggenheim raised shares of Paylocity from a “neutral” rating to a “buy” rating and set a $180.00 price objective on the stock in a research note on Monday, November 10th. Barclays dropped their target price on shares of Paylocity from $195.00 to $175.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Finally, UBS Group reduced their price target on shares of Paylocity from $195.00 to $183.00 and set a “neutral” rating on the stock in a report on Wednesday, September 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $207.83.

Paylocity Price Performance

NASDAQ:PCTY opened at $146.52 on Friday. Paylocity Holding Corporation has a 12-month low of $135.46 and a 12-month high of $223.80. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 36.72, a price-to-earnings-growth ratio of 4.34 and a beta of 0.57. The company’s 50-day moving average is $148.54 and its two-hundred day moving average is $169.43. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Tuesday, November 4th. The software maker reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.52 by $0.23. Paylocity had a net margin of 13.75% and a return on equity of 22.07%. The business had revenue of $408.17 million during the quarter, compared to analyst estimates of $399.53 million. During the same quarter in the previous year, the business posted $1.66 earnings per share. The company’s revenue was up 12.5% on a year-over-year basis. Research analysts expect that Paylocity Holding Corporation will post 4.36 EPS for the current year.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.