Raymond James & Associates Purchases 11,360 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Raymond James & Associates grew its stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 33.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,503 shares of the software maker's stock after buying an additional 11,360 shares during the period. Raymond James & Associates owned 0.08% of Paylocity worth $7,501,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Liontrust Investment Partners LLP bought a new stake in Paylocity during the third quarter valued at $90,181,000. Norges Bank bought a new stake in shares of Paylocity during the 4th quarter valued at about $86,063,000. Invesco Ltd. grew its stake in Paylocity by 20.7% during the first quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker's stock worth $284,399,000 after purchasing an additional 236,876 shares during the period. Man Group plc increased its holdings in Paylocity by 1,749.5% in the fourth quarter. Man Group plc now owns 187,721 shares of the software maker's stock worth $36,467,000 after purchasing an additional 177,571 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Paylocity by 70.1% in the first quarter. Renaissance Technologies LLC now owns 412,000 shares of the software maker's stock valued at $81,897,000 after buying an additional 169,800 shares during the period. 94.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Katherine Ross sold 491 shares of the business's 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 transaction, the senior vice president now directly owns 15,353 shares of the company's stock, valued at approximately $2,583,756.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Katherine Ross sold 491 shares of the firm's stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares in the company, valued at approximately $2,583,756.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steven R. Beauchamp sold 7,760 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the transaction, the chief executive officer now owns 1,746,468 shares in the company, valued at approximately $291,572,832.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,947 shares of company stock valued at $9,585,217. Insiders own 22.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. BTIG Research began coverage on shares of Paylocity in a research note on Tuesday, February 6th. They set a "buy" rating and a $200.00 target price on the stock. Jefferies Financial Group restated a "hold" rating and issued a $180.00 target price (down from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Piper Sandler boosted their target price on Paylocity from $207.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, February 9th. Mizuho cut their price target on Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a report on Friday, February 9th. Finally, KeyCorp decreased their price objective on Paylocity from $197.00 to $186.00 and set an "overweight" rating for the company in a report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Paylocity has an average rating of "Moderate Buy" and an average price target of $205.13.

Paylocity Trading Up 1.9 %

Shares of PCTY traded up $3.14 during trading hours on Monday, reaching $168.21. 300,836 shares of the stock traded hands, compared to its average volume of 478,311. Paylocity Holding Co. has a 52 week low of $139.40 and a 52 week high of $230.52. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 56.83, a PEG ratio of 3.58 and a beta of 0.87. The stock has a fifty day simple moving average of $168.67 and a 200 day simple moving average of $167.21.

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

About Paylocity

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.