Alamar Capital Management LLC Buys Shares of 8,553 Paylocity Holding Corporation $PCTY

Key Points

• Alamar Capital Management opened a new position in Paylocity, buying 8,553 shares worth about $924,000 in the first quarter.
• Several other institutional investors also increased or initiated stakes in the payroll software company, and hedge funds now own 94.76% of Paylocity’s shares.
• Insider activity included SVP Andrew Cappotelli selling 899 shares in a Rule 10b5-1 transaction, while analysts currently rate the stock Moderate Buy with an average price target of $151.88.

Alamar Capital Management LLC acquired a new position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 8,553 shares of the software maker's stock, valued at approximately $924,000.

A number of other hedge funds have also bought and sold shares of the business. Flagship Harbor Advisors LLC bought a new stake in shares of Paylocity in the fourth quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Paylocity by 363.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker's stock valued at $29,000 after purchasing an additional 149 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Paylocity during the fourth quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new stake in Paylocity in the third quarter worth approximately $38,000. Finally, Parallel Advisors LLC boosted its holdings in Paylocity by 446.2% in the fourth quarter. Parallel Advisors LLC now owns 284 shares of the software maker's stock worth $43,000 after purchasing an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the company's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the transaction, the senior vice president owned 17,679 shares of the company's stock, valued at $2,033,968.95. This represents a 4.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Paylocity Trading Down 2.5%

Shares of NASDAQ:PCTY opened at $120.78 on Thursday. The stock has a 50 day moving average of $112.41 and a 200 day moving average of $115.20. The company has a market cap of $6.47 billion, a PE ratio of 25.75 and a beta of 0.52. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $197.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PCTY shares. Stephens decreased their target price on shares of Paylocity from $160.00 to $120.00 and set an "equal weight" rating for the company in a research note on Friday, May 8th. Wall Street Zen downgraded Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Citizens Jmp cut their price objective on Paylocity from $170.00 to $150.00 and set a "market outperform" rating for the company in a report on Friday, May 8th. BMO Capital Markets increased their target price on Paylocity from $135.00 to $143.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Paylocity in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Paylocity currently has an average rating of "Moderate Buy" and an average target price of $151.88.

Paylocity Profile

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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