Riverbridge Partners LLC Reduces Position in Paylocity Holding Corporation $PCTY

Riverbridge Partners LLC trimmed its holdings in Paylocity Holding Corporation (NASDAQ:PCTY) by 6.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 462,019 shares of the software maker’s stock after selling 31,444 shares during the period. Paylocity comprises approximately 1.2% of Riverbridge Partners LLC’s holdings, making the stock its 25th largest holding. Riverbridge Partners LLC owned about 0.86% of Paylocity worth $49,917,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PCTY. Hsbc Holdings PLC grew its stake in Paylocity by 0.4% in the fourth quarter. Hsbc Holdings PLC now owns 29,653 shares of the software maker’s stock worth $4,535,000 after purchasing an additional 128 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in Paylocity by 393.4% during the 4th quarter. Corient Private Wealth LLC now owns 10,997 shares of the software maker’s stock worth $1,677,000 after buying an additional 8,768 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Paylocity by 147.1% in the fourth quarter. Pacer Advisors Inc. now owns 14,731 shares of the software maker’s stock worth $2,246,000 after purchasing an additional 8,769 shares during the period. Kera Capital Partners Inc. boosted its holdings in Paylocity by 170.8% in the fourth quarter. Kera Capital Partners Inc. now owns 5,056 shares of the software maker’s stock worth $771,000 after purchasing an additional 3,189 shares during the period. Finally, Alberta Investment Management Corp bought a new stake in Paylocity during the fourth quarter valued at $1,464,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. BMO Capital Markets raised their price target on shares of Paylocity from $135.00 to $143.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Citizens Jmp lowered their price objective on shares of Paylocity from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Friday, May 8th. KeyCorp dropped their price objective on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 28th. Jefferies Financial Group set a $135.00 target price on shares of Paylocity in a report on Saturday, May 9th. Finally, UBS Group lifted their target price on Paylocity from $114.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $160.28.

Paylocity Stock Up 1.4%

Paylocity stock opened at $100.89 on Wednesday. The company has a 50-day simple moving average of $107.22 and a 200-day simple moving average of $120.27. The firm has a market capitalization of $5.40 billion, a P/E ratio of 21.51 and a beta of 0.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.08 and a current ratio of 1.08. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $197.78.

Insider Transactions at Paylocity

In other Paylocity news, SVP Andrew Cappotelli sold 899 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total transaction of $103,429.95. Following the completion of the transaction, the senior vice president directly owned 17,679 shares of the company’s stock, valued at $2,033,968.95. The trade was a 4.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.