Cresset Asset Management LLC Cuts Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Cresset Asset Management LLC lessened its position in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 73.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,551 shares of the software maker's stock after selling 6,905 shares during the quarter. Cresset Asset Management LLC's holdings in Paylocity were worth $509,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new position in shares of Paylocity in the 4th quarter valued at about $29,000. UMB Bank n.a. lifted its holdings in Paylocity by 41.1% in the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker's stock valued at $49,000 after acquiring an additional 72 shares during the period. EverSource Wealth Advisors LLC boosted its position in Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker's stock worth $54,000 after purchasing an additional 225 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in Paylocity by 29.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker's stock worth $55,000 after purchasing an additional 63 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of Paylocity during the 4th quarter worth approximately $72,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction on Monday, March 24th. The stock was 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 directly owns 420,000 shares in the company, valued at approximately $81,862,200. This represents a 5.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 21.91% of the company's stock.

Analyst Ratings Changes

PCTY has been the topic of several analyst reports. StockNews.com upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Stifel Nicolaus dropped their price objective on Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Barclays boosted their price objective on Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Raymond James reiterated an "outperform" rating and set a $235.00 target price (down previously from $265.00) on shares of Paylocity in a research report on Friday, May 2nd. Finally, Mizuho dropped 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. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $223.00.

Paylocity Price Performance

Shares of Paylocity stock traded down $0.52 on Tuesday, hitting $199.87. 20,667 shares of the company were exchanged, compared to its average volume of 461,569. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $11.04 billion, a price-to-earnings ratio of 51.21, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58. The company has a 50-day moving average price of $188.60 and a 200 day moving average price of $197.91.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 EPS for the quarter, topping the consensus estimate of $2.09 by $0.34. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The business had revenue of $454.55 million for the quarter, compared to analyst estimates of $441.77 million. During the same quarter in the previous year, the firm earned $2.21 EPS. The company's quarterly revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Paylocity Company 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.