Point72 Asset Management L.P. Has $83.09 Million Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Point72 Asset Management L.P. grew its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 34.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 416,531 shares of the software maker's stock after acquiring an additional 106,770 shares during the period. Point72 Asset Management L.P. owned about 0.75% of Paylocity worth $83,085,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PCTY. ProShare Advisors LLC lifted its position in shares of Paylocity by 6.3% during the fourth quarter. ProShare Advisors LLC now owns 2,171 shares of the software maker's stock worth $433,000 after purchasing an additional 128 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of Paylocity by 62.5% in the 4th quarter. Quantinno Capital Management LP now owns 48,020 shares of the software maker's stock worth $9,579,000 after acquiring an additional 18,463 shares in the last quarter. Nomura Holdings Inc. bought a new stake in shares of Paylocity in the 4th quarter valued at approximately $1,151,000. Nuveen Asset Management LLC raised its position in shares of Paylocity by 11.0% during the 4th quarter. Nuveen Asset Management LLC now owns 104,381 shares of the software maker's stock valued at $20,821,000 after acquiring an additional 10,321 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Paylocity by 8.8% during the fourth quarter. Millennium Management LLC now owns 113,475 shares of the software maker's stock worth $22,635,000 after purchasing an additional 9,151 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Performance

Shares of NASDAQ:PCTY traded down $0.06 during trading on Tuesday, hitting $200.33. 55,350 shares of the stock were exchanged, compared to its average volume of 441,365. The company has a market capitalization of $11.06 billion, a price-to-earnings ratio of 51.35, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The company's fifty day simple moving average is $188.60 and its 200-day simple moving average is $197.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The business had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. During the same period in the prior year, the firm posted $2.21 EPS. Paylocity's quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Paylocity Holding Co. will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares in the company, valued at approximately $81,862,200. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 21.91% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PCTY shares. Barclays increased their target price on shares of Paylocity from $204.00 to $209.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Raymond James reiterated an "outperform" rating and issued a $235.00 target price (down from $265.00) on shares of Paylocity in a research note on Friday, May 2nd. Jefferies Financial Group lowered their price target on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Citigroup cut their price objective on shares of Paylocity from $246.00 to $225.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Finally, Piper Sandler reissued an "overweight" rating and set a $258.00 target price (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $223.00.

About Paylocity

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.