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

IFM Investors Pty Ltd bought a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,457 shares of the software maker’s stock, valued at approximately $1,625,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PCTY. CWM LLC boosted its position in Paylocity by 18.1% in the 3rd quarter. CWM LLC now owns 412 shares of the software maker’s stock valued at $75,000 after buying an additional 63 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Paylocity by 2.4% in the fourth quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock valued at $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH raised its position in Paylocity by 0.3% during the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after purchasing an additional 77 shares in the last quarter. Seven Eight Capital LP lifted its stake in Paylocity by 4.9% in the third quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock worth $301,000 after acquiring an additional 78 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Paylocity by 34.7% during the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after purchasing an additional 78 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. JMP Securities restated a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a research note on Monday, January 22nd. Needham & Company LLC reissued a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research report on Friday, February 9th. KeyCorp lowered their price target on Paylocity from $197.00 to $186.00 and set an “overweight” rating for the company in a research report on Friday, February 9th. Piper Sandler increased their price objective on Paylocity from $207.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, February 9th. Finally, Mizuho decreased their target price on Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $205.13.

Paylocity Stock Performance

NASDAQ PCTY traded up $0.48 during mid-day trading on Friday, reaching $157.06. 374,120 shares of the stock were exchanged, compared to its average volume of 348,201. The company has a market capitalization of $8.85 billion, a P/E ratio of 53.06, a P/E/G ratio of 3.40 and a beta of 0.87. The business’s 50 day moving average is $167.16 and its 200-day moving average is $164.50. Paylocity Holding Co. has a 1 year low of $139.40 and a 1 year high of $230.52.

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

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the company’s stock in a transaction 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 completion of the transaction, the director now directly owns 9,587,872 shares in the company, valued at $1,682,383,899.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $171.64, for a total transaction of $302,086.40. Following the completion of the sale, the director now directly owns 14,704 shares in the company, valued at $2,523,794.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The disclosure for this sale can be found here. Insiders sold 54,547 shares of company stock worth $9,356,359 over the last three months. 22.50% of the stock is currently owned by corporate insiders.

About Paylocity

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.