Envestnet Portfolio Solutions Inc. Sells 1,484 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Envestnet Portfolio Solutions Inc. reduced its stake in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 30.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,402 shares of the software maker's stock after selling 1,484 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Paylocity were worth $637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in shares of Paylocity in the 4th quarter valued at approximately $29,000. Charles Schwab Investment Management Inc. raised its position in shares of Paylocity by 1.1% in 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 purchasing an additional 3,130 shares during the last quarter. UMB Bank n.a. raised its position 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 valued at $87,000 after purchasing an additional 220 shares during the last quarter. Vanguard Group Inc. raised its position 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 valued at $803,745,000 after purchasing an additional 46,183 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Paylocity in the 4th quarter valued at approximately $246,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity 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 sale, the senior vice president now owns 11,953 shares of the company's stock, valued at approximately $2,112,573.22. This trade represents a 12.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 21.91% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PCTY shares. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. KeyCorp decreased their price objective 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. Needham & Company LLC reissued a "buy" rating and set a $250.00 price target on shares of Paylocity in a research report on Friday, May 2nd. 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 target for the company. Finally, JMP Securities reissued a "market outperform" rating and set a $270.00 price target on shares of Paylocity in a research report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $224.75.

Paylocity Price Performance

NASDAQ:PCTY opened at $177.16 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $9.78 billion, a price-to-earnings ratio of 44.18, a price-to-earnings-growth ratio of 3.58 and a beta of 0.53. The company has a 50 day moving average price of $189.05 and a 200-day moving average price of $194.61. Paylocity Holding Corporation has a 1-year low of $129.94 and a 1-year high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share for the quarter, beating the consensus estimate 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 net margin of 14.65% and a return on equity of 22.90%. The business's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.21 EPS. Equities research analysts forecast that Paylocity Holding Corporation will post 4.36 EPS for the current 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.

Want to see what other hedge funds are holding PCTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paylocity Holding Corporation (NASDAQ:PCTY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.