Ranger Investment Management L.P. grew its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,925 shares of the software maker's stock after purchasing an additional 9,910 shares during the quarter. Ranger Investment Management L.P. owned approximately 0.34% of Paylocity worth $19,763,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in Paylocity during the fourth quarter worth $27,000. Los Angeles Capital Management LLC purchased a new position in Paylocity in the fourth quarter valued at $30,000. Advisory Services Network LLC purchased a new position in Paylocity in the third quarter valued at $38,000. Allworth Financial LP raised its position in shares of Paylocity by 88.0% in the third quarter. Allworth Financial LP now owns 282 shares of the software maker's stock worth $45,000 after acquiring an additional 132 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Paylocity by 446.2% in the fourth quarter. Parallel Advisors LLC now owns 284 shares of the software maker's stock worth $43,000 after acquiring an additional 232 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PCTY has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Jefferies Financial Group set a $135.00 price target on Paylocity in a research note on Saturday, May 9th. BMO Capital Markets upped their price target on Paylocity from $135.00 to $143.00 and gave the stock an "outperform" rating in a report on Friday, May 8th. Stephens lowered their price target on Paylocity from $160.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. Finally, KeyCorp dropped their price objective on Paylocity from $190.00 to $172.00 and set an "overweight" rating on the stock in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $151.88.
Read Our Latest Stock Report on PCTY
Insiders Place Their Bets
In related news, SVP Andrew Cappotelli sold 899 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the transaction, the senior vice president directly owned 17,679 shares of the company's stock, valued at approximately $2,033,968.95. This trade represents a 4.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 19.40% of the company's stock.
Paylocity Stock Up 6.5%
Shares of NASDAQ PCTY opened at $138.68 on Wednesday. The firm has a market cap of $7.42 billion, a price-to-earnings ratio of 29.57 and a beta of 0.52. The company's 50-day simple moving average is $113.96 and its 200-day simple moving average is $114.58. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $197.78.
About Paylocity
(
Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Paylocity, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Paylocity wasn't on the list.
While Paylocity currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Click the link to see MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
