Balyasny Asset Management L.P. Sells 155,143 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Balyasny Asset Management L.P. reduced its position in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 54.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 130,037 shares of the software maker's stock after selling 155,143 shares during the quarter. Balyasny Asset Management L.P. owned about 0.23% of Paylocity worth $25,938,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PCTY. Bayesian Capital Management LP acquired a new stake in shares of Paylocity during the fourth quarter worth $818,000. Benjamin Edwards Inc. acquired a new position in shares of Paylocity during the 4th quarter worth about $201,000. BNP Paribas Financial Markets raised its position in shares of Paylocity by 393.6% in the 4th quarter. BNP Paribas Financial Markets now owns 37,864 shares of the software maker's stock valued at $7,553,000 after acquiring an additional 30,193 shares during the period. Ameriprise Financial Inc. boosted its stake in Paylocity by 1.2% during the 4th quarter. Ameriprise Financial Inc. now owns 291,440 shares of the software maker's stock worth $58,134,000 after acquiring an additional 3,548 shares during the last quarter. Finally, Alyeska Investment Group L.P. grew its holdings in shares of Paylocity by 4.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 487,593 shares of the software maker's stock valued at $97,260,000 after buying an additional 22,655 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Paylocity Stock Performance

PCTY traded up $1.07 on Friday, reaching $194.61. The company had a trading volume of 345,972 shares, compared to its average volume of 467,013. The company's fifty day moving average is $187.64 and its 200 day moving average is $196.92. 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 has a market cap of $10.75 billion, a P/E ratio of 49.90, a P/E/G ratio of 4.49 and a beta of 0.58. 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 announced its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. The company had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The firm's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.21 earnings per share. As a group, analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now directly owns 420,000 shares in the company, valued at approximately $81,862,200. The trade was a 5.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.91% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on PCTY. Barclays raised their price target on Paylocity from $204.00 to $209.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Mizuho cut their price target on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Citigroup lowered their price objective on shares of Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. KeyCorp cut their price objective on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, UBS Group increased their target price on Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $223.00.

Paylocity Profile

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.