Nicholas Company Inc. raised its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 124.0% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 126,140 shares of the software maker’s stock after buying an additional 69,825 shares during the period. Nicholas Company Inc. owned approximately 0.25% of Paylocity Holding Corporation worth $4,872,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PCTY. Bank of Montreal Can boosted its position in Paylocity Holding Corporation by 29.2% in the first quarter. Bank of Montreal Can now owns 3,377 shares of the software maker’s stock valued at $130,000 after buying an additional 764 shares during the last quarter. Pacad Investment Ltd. boosted its position in Paylocity Holding Corporation by 73.1% in the fourth quarter. Pacad Investment Ltd. now owns 7,616 shares of the software maker’s stock valued at $229,000 after buying an additional 3,216 shares during the last quarter. Independent Portfolio Consultants Inc. boosted its position in Paylocity Holding Corporation by 38.0% in the first quarter. Independent Portfolio Consultants Inc. now owns 6,005 shares of the software maker’s stock valued at $232,000 after buying an additional 1,655 shares during the last quarter. Quadrature Capital Ltd boosted its position in Paylocity Holding Corporation by 4.7% in the fourth quarter. Quadrature Capital Ltd now owns 8,626 shares of the software maker’s stock valued at $259,000 after buying an additional 387 shares during the last quarter. Finally, Wrapmanager Inc. acquired a new position in Paylocity Holding Corporation during the first quarter valued at about $305,000. 63.66% of the stock is owned by institutional investors.
Shares of Paylocity Holding Corporation (NASDAQ PCTY) traded down 1.21% during midday trading on Tuesday, reaching $47.33. The company had a trading volume of 114,150 shares. Paylocity Holding Corporation has a 52-week low of $29.69 and a 52-week high of $49.65. The firm has a market cap of $2.44 billion, a P/E ratio of 473.30 and a beta of 2.27. The company’s 50-day moving average is $45.37 and its 200-day moving average is $37.56.
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Several research firms have recently issued reports on PCTY. Zacks Investment Research raised Paylocity Holding Corporation from a “hold” rating to a “strong-buy” rating and set a $50.00 price target for the company in a research note on Wednesday, May 10th. Wells Fargo & Co started coverage on Paylocity Holding Corporation in a research note on Thursday, May 11th. They set a “market perform” rating and a $44.00 target price for the company. ValuEngine raised Paylocity Holding Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Mizuho started coverage on Paylocity Holding Corporation in a research note on Friday, March 3rd. They set a “neutral” rating and a $35.00 target price for the company. Finally, Royal Bank Of Canada raised their target price on Paylocity Holding Corporation from $47.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, May 25th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $48.50.
In related news, CFO Peter J. Mcgrail sold 49,764 shares of the company’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $47.27, for a total transaction of $2,352,344.28. Following the sale, the chief financial officer now owns 227,475 shares in the company, valued at $10,752,743.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Edward W. Gaty sold 4,257 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $44.78, for a total value of $190,628.46. Following the sale, the senior vice president now owns 85,934 shares in the company, valued at approximately $3,848,124.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 434,537 shares of company stock worth $18,990,191. Corporate insiders own 53.10% of the company’s stock.
About Paylocity Holding Corporation
Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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