Montanaro Asset Management Ltd Raises Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Montanaro Asset Management Ltd increased its stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 16.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,000 shares of the software maker's stock after purchasing an additional 5,000 shares during the quarter. Montanaro Asset Management Ltd owned 0.06% of Paylocity worth $5,770,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. American National Bank purchased a new position in shares of Paylocity during the 4th quarter worth $31,000. GAMMA Investing LLC purchased a new position in shares of Paylocity during the 4th quarter worth $36,000. Principal Securities Inc. purchased a new position in shares of Paylocity during the 4th quarter worth $41,000. RiverPark Advisors LLC purchased a new position in shares of Paylocity during the 3rd quarter worth $43,000. Finally, Signaturefd LLC boosted its stake in shares of Paylocity by 115.5% during the 3rd quarter. Signaturefd LLC now owns 502 shares of the software maker's stock worth $91,000 after acquiring an additional 269 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PCTY. TD Cowen dropped their price target on shares of Paylocity from $188.00 to $180.00 and set a "buy" rating on the stock in a research note on Friday, May 3rd. Citigroup raised their price objective on shares of Paylocity from $180.00 to $182.00 and gave the company a "neutral" rating in a research report on Wednesday, January 31st. Mizuho decreased their price objective on shares of Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a research report on Friday, February 9th. Needham & Company LLC restated a "buy" rating and set a $200.00 price objective on shares of Paylocity in a research report on Friday, May 3rd. Finally, BTIG Research initiated coverage on shares of Paylocity in a research report on Tuesday, February 6th. They set a "buy" rating and a $200.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $196.67.

Insider Activity

In other news, Director Jeffrey T. Diehl sold 20,032 shares of the company's stock in a transaction on Monday, March 11th. The shares were sold at an average price of $168.55, for a total value of $3,376,393.60. Following the sale, the director now directly owns 16,391 shares of the company's stock, valued at approximately $2,762,703.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the sale, the director now directly owns 16,391 shares of the company's stock, valued at $2,762,703.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the transaction, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The disclosure for this sale can be found here. Insiders have sold 30,043 shares of company stock valued at $5,056,642 in the last ninety days. Insiders own 22.50% of the company's stock.

Paylocity Trading Up 0.7 %

Shares of PCTY traded up $1.15 during mid-day trading on Tuesday, hitting $172.58. The company's stock had a trading volume of 419,665 shares, compared to its average volume of 495,504. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 50.17, a PEG ratio of 3.24 and a beta of 0.88. The company's 50-day moving average is $165.61 and its 200-day moving average is $162.16. Paylocity Holding Co. has a 52-week low of $139.40 and a 52-week high of $230.52.

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.

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