Bessemer Group Inc. Sells 12,801 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Bessemer Group Inc. lowered its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 67.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,317 shares of the software maker's stock after selling 12,801 shares during the period. Bessemer Group Inc.'s holdings in Paylocity were worth $1,183,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new position in Paylocity during the fourth quarter valued at approximately $29,000. Janney Montgomery Scott LLC raised its stake in Paylocity by 6.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,293 shares of the software maker's stock valued at $1,179,000 after buying an additional 383 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Paylocity by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,556 shares of the software maker's stock valued at $56,960,000 after buying an additional 3,130 shares during the period. UMB Bank n.a. boosted its stake in shares of Paylocity by 89.1% in the 1st quarter. UMB Bank n.a. now owns 467 shares of the software maker's stock worth $87,000 after buying an additional 220 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Paylocity by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock worth $803,745,000 after buying an additional 46,183 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Raymond James Financial reiterated an "outperform" rating and set a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a research report on Friday, May 2nd. KeyCorp reduced their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. UBS Group increased their price objective on shares of Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. BMO Capital Markets boosted their target price on shares of Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $250.00 target price on shares of Paylocity in a report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Paylocity currently has a consensus rating of "Moderate Buy" and a consensus target price of $224.75.

Insider Transactions at Paylocity

In other news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the transaction, the senior vice president owned 11,953 shares of the company's stock, valued at approximately $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.91% of the stock is currently owned by company insiders.

Paylocity Price Performance

PCTY stock traded down $2.26 during trading on Wednesday, reaching $180.04. The company's stock had a trading volume of 714,715 shares, compared to its average volume of 455,079. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20. The company's fifty day moving average is $188.76 and its 200-day moving average is $193.82. The company has a market capitalization of $9.94 billion, a P/E ratio of 44.90, a price-to-earnings-growth ratio of 3.56 and a beta of 0.50. Paylocity Holding Corporation has a 1 year low of $130.51 and a 1 year high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to analyst estimates of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The business's quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.21 earnings per share. On average, research analysts expect that Paylocity Holding Corporation will post 4.36 earnings per share for the current fiscal year.

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.