Allspring Global Investments Holdings LLC Invests $82.17 Million in Paylocity Holding Co. (NASDAQ:PCTY)

Allspring Global Investments Holdings LLC bought a new position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 498,467 shares of the software maker's stock, valued at approximately $82,172,000. Allspring Global Investments Holdings LLC owned 0.89% of Paylocity at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Liontrust Investment Partners LLP purchased a new position in shares of Paylocity during the 3rd quarter worth approximately $90,181,000. Norges Bank purchased a new stake in Paylocity in the fourth quarter worth $86,063,000. Invesco Ltd. raised its holdings in Paylocity by 20.7% in 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 in the last quarter. Man Group plc lifted its position in Paylocity by 1,749.5% during the fourth quarter. Man Group plc now owns 187,721 shares of the software maker's stock valued at $36,467,000 after buying an additional 177,571 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Paylocity by 70.1% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Down 1.7 %

PCTY traded down $2.90 during mid-day trading on Wednesday, reaching $169.49. 457,634 shares of the company traded hands, compared to its average volume of 477,273. Paylocity Holding Co. has a 52-week low of $139.40 and a 52-week high of $230.52. The stock has a market capitalization of $9.55 billion, a P/E ratio of 57.26, a P/E/G ratio of 3.65 and a beta of 0.87. The company's fifty day moving average price is $168.94 and its 200-day moving average price is $167.18.

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

Analysts Set New Price Targets

PCTY has been the subject of a number of recent research reports. Needham & Company LLC reissued a "buy" rating and set a $200.00 price target on shares of Paylocity in a research report on Friday, February 9th. Truist Financial cut their price target on Paylocity from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Friday, February 9th. Piper Sandler lifted their price objective on Paylocity from $207.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, February 9th. Jefferies Financial Group restated a "hold" rating and set a $180.00 price target (down from $240.00) on shares of Paylocity in a report on Friday, January 5th. Finally, Mizuho dropped their price target on shares of Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a research note on Friday, February 9th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Paylocity has a consensus rating of "Moderate Buy" and an average price target of $205.13.

Insider Buying and Selling at Paylocity

In related news, Director Steven I. Sarowitz sold 24,504 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the transaction, the director now directly owns 9,587,872 shares of the company's stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Jeffrey T. Diehl sold 1,760 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the sale, the director now directly owns 14,704 shares of the company's stock, valued at $2,523,794.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,547 shares of company stock valued at $9,356,359. Insiders own 22.50% of the company's stock.

Paylocity Company 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.