Clearbridge Investments LLC Buys 365,435 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Clearbridge Investments LLC raised its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 2,212.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 381,952 shares of the software maker's stock after acquiring an additional 365,435 shares during the period. Clearbridge Investments LLC owned about 0.68% of Paylocity worth $62,965,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nordea Investment Management AB grew its holdings in shares of Paylocity by 195.8% during the third quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker's stock worth $1,156,000 after purchasing an additional 4,157 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Paylocity by 0.6% during the third quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker's stock worth $753,012,000 after purchasing an additional 25,562 shares during the last quarter. Trust Point Inc. bought a new stake in shares of Paylocity during the fourth quarter worth about $1,023,000. Walleye Capital LLC grew its holdings in shares of Paylocity by 132.0% during the third quarter. Walleye Capital LLC now owns 14,623 shares of the software maker's stock worth $2,657,000 after purchasing an additional 8,319 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Paylocity by 98.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,771 shares of the software maker's stock worth $2,600,000 after purchasing an additional 7,828 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

Insider Transactions at Paylocity

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

Wall Street Analyst Weigh In

PCTY has been the topic of several analyst reports. Mizuho reduced their target price on Paylocity from $170.00 to $155.00 and set a "neutral" rating on the stock in a report on Friday, February 9th. Citigroup upped their target price on Paylocity from $176.00 to $178.00 and gave the company a "neutral" rating in a report on Wednesday. Truist Financial reduced their target price on Paylocity from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, February 9th. TD Cowen reduced their target price on Paylocity from $188.00 to $180.00 and set a "buy" rating on the stock in a report on Friday, May 3rd. Finally, BTIG Research initiated coverage on Paylocity in a report on Tuesday, February 6th. They issued a "buy" rating and a $200.00 target price on the stock. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $196.40.

Paylocity Price Performance

Shares of NASDAQ:PCTY traded down $2.76 during trading on Wednesday, reaching $169.82. 361,545 shares of the stock were exchanged, compared to its average volume of 494,335. Paylocity Holding Co. has a 1-year low of $139.40 and a 1-year high of $230.52. The stock has a fifty day moving average of $165.69 and a two-hundred day moving average of $162.35. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 49.54, a price-to-earnings-growth ratio of 3.21 and a beta of 0.88.

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.