Norges Bank bought a new position in Paylocity Holding Corporation (NASDAQ:PCTY – Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 579,853 shares of the software maker’s stock, valued at approximately $88,428,000.
Other large investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new stake in Paylocity in the fourth quarter worth $27,000. MassMutual Private Wealth & Trust FSB increased its position in Paylocity by 363.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock worth $29,000 after buying an additional 149 shares during the period. Advisory Services Network LLC acquired a new stake in Paylocity in the third quarter worth $38,000. Allworth Financial LP increased its position in Paylocity by 88.0% in the third quarter. Allworth Financial LP now owns 282 shares of the software maker’s stock worth $45,000 after buying an additional 132 shares during the period. Finally, Leonteq Securities AG acquired a new stake in Paylocity in the fourth quarter worth $45,000. 94.76% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Citizens Jmp dropped their target price on Paylocity from $170.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Friday, May 8th. Zacks Research raised Paylocity from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 20th. Jefferies Financial Group set a $135.00 target price on Paylocity in a research report on Saturday, May 9th. Barclays increased their target price on Paylocity from $120.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Finally, Truist Financial dropped their target price on Paylocity from $240.00 to $180.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.28.
Insiders Place Their Bets
In related news, SVP Andrew Cappotelli sold 899 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total transaction of $103,429.95. Following the completion of the transaction, the senior vice president owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by corporate insiders.
Paylocity Trading Up 0.7%
Shares of PCTY stock opened at $113.46 on Friday. The stock has a 50-day simple moving average of $106.99 and a 200 day simple moving average of $123.86. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $197.78. The stock has a market capitalization of $6.07 billion, a P/E ratio of 24.19 and a beta of 0.51. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07.
Paylocity 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.
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