abrdn plc Decreases Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

abrdn plc reduced its position in Paylocity Holding Co. (NASDAQ:PCTY) by 31.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,291 shares of the software maker’s stock after selling 52,627 shares during the period. abrdn plc owned about 0.21% of Paylocity worth $19,006,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB increased its position in shares of Paylocity by 195.8% in the third quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker’s stock valued at $1,156,000 after buying an additional 4,157 shares in the last quarter. Vanguard Group Inc. raised its position in 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 acquiring an additional 25,562 shares during the last quarter. Walleye Capital LLC raised its position in 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 acquiring an additional 8,319 shares during the last quarter. Trust Point Inc. purchased a new stake in shares of Paylocity in the fourth quarter valued at about $1,023,000. Finally, Machina Capital S.A.S. acquired a new stake in shares of Paylocity in the third quarter valued at approximately $229,000. 94.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $180.00 target price (down previously from $240.00) on shares of Paylocity in a research note on Friday, January 5th. Citigroup increased their price objective on Paylocity from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, January 31st. Needham & Company LLC reiterated a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Friday, February 9th. Mizuho reduced their target price on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Finally, BTIG Research started coverage on shares of Paylocity in a report on Tuesday, February 6th. They set a “buy” rating and a $200.00 price target for the company. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and an average target price of $205.13.

Paylocity Trading Down 1.7 %

Shares of PCTY opened at $156.16 on Thursday. The stock’s fifty day simple moving average is $167.94 and its 200 day simple moving average is $165.42. Paylocity Holding Co. has a twelve month low of $139.40 and a twelve month high of $230.52. The firm has a market capitalization of $8.80 billion, a P/E ratio of 52.76, a price-to-earnings-growth ratio of 3.44 and a beta of 0.87.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The business had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. Sell-side analysts predict that Paylocity Holding Co. will post 3.48 earnings per share for the current year.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 24,504 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Jeffrey T. Diehl sold 20,032 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $168.55, for a total transaction of $3,376,393.60. Following the transaction, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the completion of the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. Insiders sold 54,547 shares of company stock valued at $9,356,359 over the last 90 days. Corporate insiders own 22.50% of the company’s stock.

Paylocity 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.