Pictet Asset Management Holding SA Sells 190,692 Shares of Paylocity Holding Corporation $PCTY

Key Points

• Pictet Asset Management Holding SA cut its Paylocity stake by 96.2% in the first quarter, selling 190,692 shares and leaving it with 7,458 shares valued at about $806,000.
• Analyst sentiment on Paylocity remains mostly positive, with a consensus rating of Moderate Buy and an average price target of $156.61, though some firms have trimmed targets and one analyst still rates it a sell.
• Paylocity’s stock opened at $115.21, giving the company a market cap of $6.17 billion, while insiders own 19.40% of the stock and SVP Andrew Cappotelli recently sold 899 shares in a pre-arranged transaction.

Pictet Asset Management Holding SA reduced its stake in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 96.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,458 shares of the software maker's stock after selling 190,692 shares during the quarter. Pictet Asset Management Holding SA's holdings in Paylocity were worth $806,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PCTY. Flagship Harbor Advisors LLC purchased a new position in Paylocity in the 4th quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position in shares of Paylocity by 363.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker's stock valued at $29,000 after buying an additional 149 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Paylocity during the 4th quarter worth $30,000. Advisory Services Network LLC purchased a new position in Paylocity in the third quarter worth $38,000. Finally, Parallel Advisors LLC grew its position in 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 in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PCTY has been the topic of a number of research analyst reports. Zacks Research upgraded Paylocity from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 20th. Robert W. Baird set a $193.00 price objective on Paylocity in a report on Friday, May 8th. KeyCorp reduced their price objective on Paylocity from $190.00 to $172.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 28th. TD Cowen decreased their price objective on Paylocity from $155.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, June 26th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of Paylocity in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Paylocity currently has a consensus rating of "Moderate Buy" and an average target price of $156.61.

Paylocity Stock Performance

NASDAQ:PCTY opened at $115.21 on Thursday. The firm has a market cap of $6.17 billion, a PE ratio of 24.57 and a beta of 0.52. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $197.78. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. The business has a 50 day moving average price of $109.15 and a 200-day moving average price of $117.30.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the sale, the senior vice president owned 17,679 shares of the company's stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

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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