Lord Abbett & CO. LLC Sells 2,639 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Lord Abbett & CO. LLC reduced its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 284,625 shares of the software maker's stock after selling 2,639 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.51% of Paylocity worth $56,774,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Paylocity by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,603 shares of the software maker's stock worth $1,916,000 after buying an additional 49 shares in the last quarter. Bessemer Group Inc. raised its stake in Paylocity by 0.3% during the fourth quarter. Bessemer Group Inc. now owns 19,118 shares of the software maker's stock valued at $3,813,000 after buying an additional 51 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in shares of Paylocity by 29.9% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker's stock worth $55,000 after acquiring an additional 63 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker's stock valued at $49,000 after acquiring an additional 72 shares in the last quarter. Finally, HighPoint Advisor Group LLC boosted its stake in Paylocity by 5.1% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,559 shares of the software maker's stock worth $326,000 after purchasing an additional 75 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PCTY shares. Raymond James reaffirmed an "outperform" rating and issued a $265.00 price objective (up from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Stifel Nicolaus boosted their target price on Paylocity from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Jefferies Financial Group raised their price target on Paylocity from $240.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Needham & Company LLC upped their price objective on Paylocity from $220.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Finally, StockNews.com downgraded shares of Paylocity from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $226.12.

Paylocity Trading Up 1.9 %

NASDAQ:PCTY traded up $3.72 during midday trading on Thursday, hitting $195.82. 132,614 shares of the company traded hands, compared to its average volume of 478,385. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The firm's fifty day moving average is $189.57 and its 200-day moving average is $195.86. The firm has a market capitalization of $10.94 billion, a P/E ratio of 50.22, a P/E/G ratio of 4.49 and a beta of 0.76. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. On average, sell-side analysts predict that Paylocity Holding Co. will post 4.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Steven I. Sarowitz sold 26,252 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the sale, the director now directly owns 420,000 shares of the company's stock, valued at approximately $81,862,200. The trade was a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.91% of the stock is owned by corporate insiders.

Paylocity Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.