Bryce Point Capital LLC Invests $1.39 Million in Paylocity Holding Co. (NASDAQ:PCTY)

Bryce Point Capital LLC acquired a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,946 shares of the software maker’s stock, valued at approximately $1,386,000.

A number of other large investors have also bought and sold shares of PCTY. FMR LLC raised its stake in Paylocity by 19.3% in the 3rd quarter. FMR LLC now owns 272,764 shares of the software maker’s stock valued at $44,998,000 after acquiring an additional 44,118 shares during the period. Verition Fund Management LLC increased its stake in shares of Paylocity by 46.6% in the third quarter. Verition Fund Management LLC now owns 24,506 shares of the software maker’s stock worth $4,043,000 after purchasing an additional 7,785 shares in the last quarter. Edgestream Partners L.P. raised its position in shares of Paylocity by 222.3% in the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock valued at $1,788,000 after purchasing an additional 7,475 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Paylocity during the 3rd quarter valued at approximately $705,000. Finally, Holocene Advisors LP grew its stake in Paylocity by 30.0% in the 3rd quarter. Holocene Advisors LP now owns 37,406 shares of the software maker’s stock valued at $6,171,000 after buying an additional 8,643 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PCTY shares. Barclays raised their price target on Paylocity from $214.00 to $231.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Citigroup raised Paylocity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $214.00 to $231.00 in a report on Thursday, January 16th. TD Cowen lowered their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Piper Sandler reaffirmed an “overweight” rating and set a $254.00 price objective (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Finally, KeyCorp lifted their price objective on Paylocity from $220.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Stock Up 1.3 %

Shares of PCTY opened at $189.83 on Wednesday. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 48.67, a PEG ratio of 4.49 and a beta of 0.94. The stock has a 50 day moving average price of $200.85 and a 200 day moving average price of $193.17. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $223.80. 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) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. Equities research analysts forecast that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 21.91% of the stock is owned by insiders.

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.