Adage Capital Partners GP L.L.C. Makes New $9.97 Million Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Adage Capital Partners GP L.L.C. purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 50,000 shares of the software maker's stock, valued at approximately $9,974,000. Adage Capital Partners GP L.L.C. owned 0.09% of Paylocity as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock worth $141,303,000 after buying an additional 385,625 shares during the period. FMR LLC boosted its stake in Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after purchasing an additional 377,835 shares during the period. Invesco Ltd. grew its position in Paylocity by 31.7% during the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after purchasing an additional 320,319 shares in the last quarter. American Century Companies Inc. grew its position in Paylocity by 190.0% during the 4th quarter. American Century Companies Inc. now owns 349,797 shares of the software maker's stock worth $69,774,000 after purchasing an additional 229,179 shares in the last quarter. Finally, Anomaly Capital Management LP acquired a new stake in Paylocity during the 4th quarter valued at $19,105,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

Shares of NASDAQ:PCTY traded up $2.06 during midday trading on Thursday, hitting $194.16. The company's stock had a trading volume of 544,255 shares, compared to its average volume of 479,977. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. The stock's 50 day simple moving average is $189.57 and its 200 day simple moving average is $195.86. The stock has a market capitalization of $10.85 billion, a price-to-earnings ratio of 49.78, a PEG ratio of 4.49 and a beta of 0.76. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its earnings results on Thursday, May 1st. The software maker reported $1.77 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.09 by ($0.32). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. As a group, research analysts anticipate that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on PCTY. Piper Sandler reiterated an "overweight" rating and set a $254.00 price target (up previously from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Barclays lowered their target price on Paylocity from $231.00 to $204.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Raymond James reissued an "outperform" rating and issued a $265.00 price target (up from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Mizuho lowered their price objective on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, UBS Group increased their target price on shares of Paylocity from $211.00 to $220.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Paylocity presently has a consensus rating of "Moderate Buy" and an average price target of $226.12.

Insider Activity at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares of the company's stock, valued at approximately $81,862,200. This represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.91% of the company's stock.

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.