Paylocity Holding Co. (NASDAQ:PCTY) Shares Bought by Millennium Management LLC

Millennium Management LLC grew its position in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 8.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 113,475 shares of the software maker's stock after acquiring an additional 9,151 shares during the quarter. Millennium Management LLC owned about 0.20% of Paylocity worth $22,635,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Paylocity by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock worth $803,745,000 after acquiring an additional 46,183 shares during the last quarter. Invesco Ltd. increased its stake in Paylocity by 31.7% during 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. Geode Capital Management LLC increased its stake in Paylocity by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker's stock worth $214,275,000 after acquiring an additional 25,182 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Paylocity by 0.8% during the fourth quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker's stock worth $172,300,000 after acquiring an additional 7,251 shares during the last quarter. Finally, FMR LLC grew its stake in shares of Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock valued at $129,775,000 after buying an additional 377,835 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PCTY shares. Stifel Nicolaus lowered their target price on Paylocity from $250.00 to $235.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Citigroup lowered their target price on Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Scotiabank started coverage on Paylocity in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 target price for the company. JMP Securities reiterated a "market outperform" rating and issued a $270.00 target price on shares of Paylocity in a research note on Tuesday, April 29th. Finally, BMO Capital Markets increased their target price on Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $223.00.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 26,252 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the sale, the director now owns 420,000 shares of the company's stock, valued at approximately $81,862,200. This trade represents a 5.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 21.91% of the stock is currently owned by company insiders.

Paylocity Trading Up 0.1%

Shares of PCTY opened at $200.56 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a 50-day moving average price of $188.60 and a 200 day moving average price of $197.91. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $223.80. The company has a market capitalization of $11.08 billion, a P/E ratio of 51.43, a P/E/G ratio of 4.49 and a beta of 0.58.

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

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