DNB Asset Management AS Raises Stake in Paylocity Holding Co. (NASDAQ:PCTY)

DNB Asset Management AS lifted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 2.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,683 shares of the software maker’s stock after buying an additional 148 shares during the quarter. DNB Asset Management AS’s holdings in Paylocity were worth $1,013,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. WCM Investment Management LLC grew its holdings in Paylocity by 2.3% in the first quarter. WCM Investment Management LLC now owns 3,053 shares of the software maker’s stock valued at $525,000 after purchasing an additional 69 shares during the period. Avior Wealth Management LLC grew its holdings in 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 grew its holdings in Paylocity by 0.3% in the fourth 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 during the period. GAMMA Investing LLC grew its holdings in Paylocity by 34.7% in 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 during the period. Finally, Parkside Financial Bank & Trust grew its holdings in Paylocity by 8.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock valued at $205,000 after purchasing an additional 96 shares during the period. 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 recently issued reports on PCTY shares. KeyCorp lowered their target price on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a report on Friday, July 19th. Stifel Nicolaus lowered their target price on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Barclays reduced their price target on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research report on Monday. TD Cowen reduced their price target on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research report on Thursday, June 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $250.00 price target on shares of Paylocity in a research report on Monday. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $179.13.

Paylocity Price Performance

Shares of NASDAQ:PCTY traded up $1.37 during midday trading on Wednesday, reaching $153.46. The company had a trading volume of 46,241 shares, compared to its average volume of 527,135. The stock’s fifty day moving average price is $140.63 and its 200-day moving average price is $156.89. The stock has a market capitalization of $8.66 billion, a P/E ratio of 44.21, a PEG ratio of 2.59 and a beta of 0.92. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $206.55.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to analyst estimates of $350.29 million. Paylocity had a net margin of 14.74% and a return on equity of 22.40%. The business’s revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 earnings per share. As a group, sell-side analysts forecast that Paylocity Holding Co. will post 4.14 earnings per share for the current year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the completion of the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Nicholas Rost sold 331 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the transaction, the chief accounting officer now owns 4,751 shares in the company, valued at $659,106.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. Insiders sold a total of 51,173 shares of company stock worth $7,296,388 over the last 90 days. Insiders own 22.50% of the company’s stock.

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.