Riverbridge Partners LLC Decreases Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Riverbridge Partners LLC cut its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 2.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 812,421 shares of the software maker's stock after selling 23,236 shares during the quarter. Paylocity accounts for 1.8% of Riverbridge Partners LLC's portfolio, making the stock its 18th biggest holding. Riverbridge Partners LLC owned 1.45% of Paylocity worth $133,928,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. RiverPark Advisors LLC purchased a new stake in Paylocity during the third quarter worth $43,000. Advisors Asset Management Inc. boosted its position in Paylocity by 89.6% during the third quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker's stock worth $43,000 after purchasing an additional 112 shares in the last quarter. Coppell Advisory Solutions Corp. purchased a new stake in Paylocity during the fourth quarter worth $44,000. Benjamin Edwards Inc. purchased a new stake in Paylocity during the second quarter worth $47,000. Finally, UniSuper Management Pty Ltd purchased a new stake in Paylocity during the second quarter worth $55,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on PCTY shares. Truist Financial decreased their target price on Paylocity from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, February 9th. BTIG Research began coverage on Paylocity in a report on Tuesday, February 6th. They issued a "buy" rating and a $200.00 price target for the company. Needham & Company LLC reissued a "buy" rating and issued a $200.00 price target on shares of Paylocity in a report on Friday, February 9th. KeyCorp cut their price target on Paylocity from $197.00 to $186.00 and set an "overweight" rating for the company in a report on Friday, February 9th. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $180.00 price target (down from $240.00) on shares of Paylocity in a report on Friday, January 5th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $205.13.

Insider Transactions at Paylocity

In other news, CFO Ryan Glenn sold 1,400 shares of the company's stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the completion of the sale, the chief financial officer now owns 34,152 shares of the company's stock, valued at $5,582,827.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Ryan Glenn sold 1,400 shares of the stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the completion of the transaction, the chief financial officer now owns 34,152 shares of the company's stock, valued at $5,582,827.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Katherine Ross sold 491 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the completion of the transaction, the senior vice president now directly owns 15,353 shares of the company's stock, valued at approximately $2,583,756.37. The disclosure for this sale can be found here. Insiders sold 55,947 shares of company stock valued at $9,585,217 over the last quarter. Company insiders own 22.50% of the company's stock.

Paylocity Trading Down 0.5 %

NASDAQ:PCTY traded down $0.79 on Thursday, hitting $165.58. 356,518 shares of the stock were exchanged, compared to its average volume of 484,413. The stock has a market cap of $9.33 billion, a PE ratio of 55.94, a PEG ratio of 3.61 and a beta of 0.87. The stock has a fifty day moving average of $168.33 and a 200-day moving average of $167.72. Paylocity Holding Co. has a fifty-two week low of $139.40 and a fifty-two week high of $230.52.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, topping the consensus estimate of $0.63 by $0.08. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. The company had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. As a group, analysts predict that Paylocity Holding Co. will post 3.48 earnings per share for the current year.

Paylocity Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.

Want to see what other hedge funds are holding PCTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paylocity Holding Co. (NASDAQ:PCTY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.