Granite Investment Partners LLC Takes $5.11 Million Position in Paylocity Holding Corporation $PCTY

Key Points

• Granite Investment Partners bought a new stake in Paylocity during the first quarter, acquiring 47,320 shares valued at about $5.11 million.
• Several other institutional investors also increased or initiated positions, and hedge funds and institutions now own 94.76% of Paylocity’s shares.
• Paylocity’s stock was down 3.1% to $115.21, while analysts remain generally positive with a Moderate Buy consensus and an average target price of $156.61.

Granite Investment Partners LLC purchased a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 47,320 shares of the software maker's stock, valued at approximately $5,112,000. Granite Investment Partners LLC owned about 0.09% of Paylocity at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. acquired a new position in shares of Paylocity in the 3rd quarter worth approximately $104,657,000. Norges Bank acquired a new stake in Paylocity in the 4th quarter valued at approximately $88,428,000. Morgan Stanley raised its position in Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker's stock valued at $124,625,000 after purchasing an additional 442,218 shares during the period. AQR Capital Management LLC lifted its stake in Paylocity by 75.1% during the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker's stock worth $143,747,000 after purchasing an additional 404,605 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Paylocity by 261.2% during the fourth quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker's stock worth $81,509,000 after purchasing an additional 386,494 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Trading Down 3.1%

NASDAQ PCTY opened at $115.21 on Thursday. The firm's fifty day moving average price is $109.15 and its 200 day moving average price is $117.30. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month high of $197.78. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 24.57 and a beta of 0.52.

Insider Buying and Selling at Paylocity

In other news, SVP Andrew Cappotelli sold 899 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the transaction, the senior vice president directly owned 17,679 shares in the company, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 19.40% of the company's stock.

Wall Street Analysts Forecast Growth

PCTY has been the subject of several research reports. TD Cowen dropped their target price on Paylocity from $155.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, June 26th. UBS Group lifted their price objective on shares of Paylocity from $114.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Citizens Jmp cut their target price on shares of Paylocity from $170.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Friday, May 8th. Robert W. Baird set a $193.00 target price on shares of Paylocity in a report on Friday, May 8th. Finally, Raymond James Financial set a $140.00 price objective on Paylocity in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $156.61.

Paylocity Company 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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