Crestline Management LP Makes New $3.18 Million Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Crestline Management LP acquired a new stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 15,962 shares of the software maker's stock, valued at approximately $3,184,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PCTY. Barclays PLC boosted its position in Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker's stock valued at $7,407,000 after buying an additional 5,609 shares during the period. GAMMA Investing LLC increased its stake in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock worth $77,000 after purchasing an additional 116 shares during the period. Everence Capital Management Inc. bought a new stake in Paylocity in the fourth quarter valued at approximately $231,000. CWA Asset Management Group LLC purchased a new stake in shares of Paylocity during the fourth quarter valued at approximately $1,237,000. Finally, Park Avenue Securities LLC grew its holdings in shares of Paylocity by 63.3% in the fourth quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker's stock worth $1,115,000 after purchasing an additional 2,167 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group increased their target price on shares of Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Mizuho dropped their price target on Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. KeyCorp lowered their target price on Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Raymond James reaffirmed an "outperform" rating and issued a $235.00 price target (down from $265.00) on shares of Paylocity in a research note on Friday, May 2nd. Finally, Needham & Company LLC reissued a "buy" rating and set a $250.00 price objective on shares of Paylocity in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $223.00.

Insider Activity

In related 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 transaction of $5,116,777.32. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 21.91% of the company's stock.

Paylocity Stock Up 0.9%

Shares of PCTY traded up $1.83 on Tuesday, hitting $200.59. 113,451 shares of the stock traded hands, compared to its average volume of 446,043. The company has a market capitalization of $11.08 billion, a PE ratio of 51.43, a P/E/G ratio of 4.49 and a beta of 0.58. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $223.80. 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 business has a 50 day simple moving average of $187.57 and a 200 day simple moving average of $197.26.

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

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.