GAMMA Investing LLC Grows Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

GAMMA Investing LLC increased its position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 26,488.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,100 shares of the software maker's stock after buying an additional 101,716 shares during the quarter. GAMMA Investing LLC owned 0.18% of Paylocity worth $19,127,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Barclays PLC increased its holdings in shares of Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker's stock worth $7,407,000 after purchasing an additional 5,609 shares in the last quarter. abrdn plc boosted its position in shares of Paylocity by 51.5% during the fourth quarter. abrdn plc now owns 6,730 shares of the software maker's stock valued at $1,342,000 after buying an additional 2,288 shares during the last quarter. Retirement Systems of Alabama increased its holdings in Paylocity by 0.4% in the 4th quarter. Retirement Systems of Alabama now owns 52,871 shares of the software maker's stock worth $10,546,000 after buying an additional 221 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Paylocity in the 4th quarter worth about $2,213,000. Finally, Empowered Funds LLC lifted its stake in Paylocity by 31.6% during the 4th quarter. Empowered Funds LLC now owns 11,571 shares of the software maker's stock valued at $2,308,000 after acquiring an additional 2,776 shares during the period. Institutional investors own 94.76% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PCTY. 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 report on Tuesday, April 22nd. Mizuho decreased their target price on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Raymond James restated an "outperform" rating and issued a $235.00 price target (down from $265.00) on shares of Paylocity in a research note on Friday, May 2nd. Citigroup cut their price objective on Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, Scotiabank started coverage on Paylocity in a report on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 target price on the stock. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Paylocity has an average rating of "Moderate Buy" and a consensus price target of $223.00.

Insiders Place Their Bets

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

Paylocity Price Performance

Shares of Paylocity stock traded up $0.56 during trading hours on Friday, hitting $194.28. The company's stock had a trading volume of 314,238 shares, compared to its average volume of 451,768. 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 12-month low of $129.94 and a 12-month high of $223.80. The business has a 50 day moving average price of $189.70 and a two-hundred day moving average price of $197.01. The company has a market cap of $10.73 billion, a PE ratio of 49.82, a PEG ratio of 4.49 and a beta of 0.53.

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

Paylocity Company 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.