Point72 Hong Kong Ltd Lowers Position in Paylocity Holding Co. (NASDAQ:PCTY)

Point72 Hong Kong Ltd lessened its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 74.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,210 shares of the software maker’s stock after selling 3,490 shares during the period. Point72 Hong Kong Ltd’s holdings in Paylocity were worth $241,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCTY. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Paylocity by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,603 shares of the software maker’s stock valued at $1,916,000 after acquiring an additional 49 shares during the period. Bessemer Group Inc. lifted its holdings 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 purchasing an additional 51 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position 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 purchasing an additional 63 shares during the period. UMB Bank n.a. boosted its position in shares of Paylocity by 41.1% in the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after purchasing an additional 72 shares during the period. Finally, HighPoint Advisor Group LLC increased its stake in shares of Paylocity by 5.1% in the fourth 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. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Citigroup dropped their target price on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. Raymond James reaffirmed an “outperform” rating and issued a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a research note on Friday, May 2nd. Piper Sandler reissued an “overweight” rating and set a $258.00 target price (up previously from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. UBS Group upped their price target on Paylocity from $195.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Finally, Barclays increased their price objective on shares of Paylocity from $204.00 to $209.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $223.00.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 23,243 shares of Paylocity stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the transaction, the director now owns 470,452 shares in the company, valued at approximately $89,856,332. The trade was a 4.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 21.91% of the company’s stock.

Paylocity Price Performance

Paylocity stock opened at $201.04 on Friday. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The firm’s fifty day moving average is $188.04 and its 200 day moving average is $197.45. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 51.55, a PEG ratio of 4.49 and a beta of 0.58.

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

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.