Deutsche Bank AG lowered its position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 8.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 165,324 shares of the software maker's stock after selling 15,721 shares during the period. Deutsche Bank AG owned approximately 0.30% of Paylocity worth $32,977,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCTY. Corton Capital Inc. grew its position in shares of Paylocity by 8.5% during the fourth quarter. Corton Capital Inc. now owns 1,821 shares of the software maker's stock worth $363,000 after buying an additional 143 shares in the last quarter. Crestline Management LP acquired a new position in Paylocity in the fourth quarter worth $3,184,000. Bayesian Capital Management LP acquired a new position in Paylocity during the 4th quarter valued at about $818,000. Benjamin Edwards Inc. acquired a new stake in shares of Paylocity in the fourth quarter valued at $201,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Paylocity by 393.6% during 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 last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, Director Steven I. Sarowitz sold 26,252 shares of the 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 $81,862,200. This trade represents a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 21.91% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. UBS Group lifted their price target on Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. BMO Capital Markets boosted their target price on Paylocity from $210.00 to $226.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Stifel Nicolaus lowered their price target on shares of Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Jefferies Financial Group lowered their price objective on Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, StockNews.com raised Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Three research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $223.00.
Read Our Latest Research Report on PCTY
Paylocity Trading Down 0.5%
Shares of PCTY traded down $1.10 during midday trading on Monday, reaching $199.95. The company had a trading volume of 46,011 shares, compared to its average volume of 462,128. The firm has a 50 day simple moving average of $188.32 and a 200-day simple moving average of $197.76. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The stock has a market cap of $11.04 billion, a PE ratio of 51.38, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58.
Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.34. The company had revenue of $454.55 million for the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a net margin of 14.76% and a return on equity of 22.45%. Paylocity's revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $2.21 EPS. Research analysts forecast that Paylocity Holding Co. will post 4.36 EPS for the current fiscal year.
Paylocity Company Profile
(
Free Report)
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.
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