Azzad Asset Management Inc. ADV Boosts Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Azzad Asset Management Inc. ADV raised its position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 266.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,762 shares of the software maker's stock after acquiring an additional 4,919 shares during the quarter. Azzad Asset Management Inc. ADV's holdings in Paylocity were worth $1,267,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PCTY. FMR LLC lifted its stake in Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after acquiring an additional 377,835 shares during the last quarter. Invesco Ltd. lifted its stake in Paylocity by 31.7% in the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after acquiring an additional 320,319 shares during the last quarter. American Century Companies Inc. lifted its stake in Paylocity by 190.0% in the fourth quarter. American Century Companies Inc. now owns 349,797 shares of the software maker's stock worth $69,774,000 after acquiring an additional 229,179 shares during the last quarter. Tudor Investment Corp ET AL lifted its stake in Paylocity by 6,025.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker's stock worth $25,085,000 after acquiring an additional 123,705 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Paylocity by 34.5% during the 4th quarter. Point72 Asset Management L.P. now owns 416,531 shares of the software maker's stock worth $83,085,000 after buying an additional 106,770 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

Paylocity stock traded down $5.17 during trading hours on Friday, reaching $176.81. 819,778 shares of the stock were exchanged, compared to its average volume of 454,705. The stock has a market cap of $9.77 billion, a P/E ratio of 45.34, a P/E/G ratio of 4.49 and a beta of 0.53. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $223.80. The firm's 50 day moving average is $190.15 and its 200 day moving average is $196.28.

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

Insider Transactions at Paylocity

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PCTY shares. Scotiabank started coverage on shares of Paylocity in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price objective for the company. Piper Sandler restated an "overweight" rating and set a $258.00 price objective (up previously from $254.00) on shares of Paylocity in a research report on Friday, May 2nd. Jefferies Financial Group reduced their price objective on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Barclays lifted their target price on shares of Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Finally, Stifel Nicolaus cut their target price on shares of Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Paylocity has a consensus rating of "Moderate Buy" and an average target price of $223.00.

About Paylocity

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.