SummitTX Capital L.P. Invests $1.43 Million in Paylocity Holding Corporation $PCTY

Key Points

• SummitTX Capital acquired 13,257 Paylocity shares worth approximately $1.43 million during the first quarter, while institutional investors collectively own 94.76% of the company.
• Analysts maintain a “Moderate Buy” consensus rating, with 12 Buy, four Hold, and one Sell rating and an average price target of $151.88.
• Paylocity shares opened at $144.79, with a market capitalization of $7.75 billion and a 52-week trading range of $92.99 to $197.78; an executive separately sold 899 shares under a pre-arranged Rule 10b5-1 plan.

SummitTX Capital L.P. acquired a new stake in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,257 shares of the software maker's stock, valued at approximately $1,432,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lazard Asset Management LLC grew its stake in Paylocity by 33.8% during the 1st quarter. Lazard Asset Management LLC now owns 25,890 shares of the software maker's stock worth $2,797,000 after purchasing an additional 6,539 shares in the last quarter. Waverly Advisors LLC purchased a new stake in Paylocity during the 1st quarter worth about $276,000. Wealth Alliance LLC raised its position in Paylocity by 19.1% in the 1st quarter. Wealth Alliance LLC now owns 2,048 shares of the software maker's stock valued at $221,000 after purchasing an additional 329 shares in the last quarter. Entropy Technologies LP raised its position in Paylocity by 14.5% in the 1st quarter. Entropy Technologies LP now owns 10,075 shares of the software maker's stock valued at $1,089,000 after purchasing an additional 1,276 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Paylocity by 1,406.4% in the 1st quarter. Renaissance Technologies LLC now owns 235,000 shares of the software maker's stock valued at $25,389,000 after buying an additional 219,400 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Andrew Cappotelli sold 899 shares of the company'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 completion of the transaction, the senior vice president owned 17,679 shares in the company, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their position. The sale was disclosed in a 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.

Analyst Upgrades and Downgrades

PCTY has been the subject of a number of analyst reports. Stephens lowered their price objective on Paylocity from $160.00 to $120.00 and set an "equal weight" rating for the company in a research report on Friday, May 8th. Jefferies Financial Group set a $135.00 target price on shares of Paylocity in a research note on Saturday, May 9th. UBS Group increased their target price on Paylocity from $122.00 to $128.00 and gave the company a "neutral" rating in a report on Wednesday, July 22nd. KeyCorp dropped their target price on Paylocity from $190.00 to $172.00 and set an "overweight" rating on the stock in a report on Tuesday, April 28th. Finally, Robert W. Baird set a $193.00 price target on Paylocity in a research note on Friday, May 8th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $151.88.

Paylocity Stock Performance

Shares of Paylocity stock opened at $144.79 on Thursday. The firm has a market capitalization of $7.75 billion, a P/E ratio of 30.87 and a beta of 0.52. Paylocity Holding Corporation has a 52 week low of $92.99 and a 52 week high of $197.78. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. The firm's 50 day moving average is $114.60 and its two-hundred day moving average is $114.52.

About Paylocity

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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