Paylocity Holding Co. (NASDAQ:PCTY) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 0.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 863,787 shares of the software maker’s stock after purchasing an additional 7,251 shares during the quarter. JPMorgan Chase & Co.’s holdings in Paylocity were worth $172,300,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PCTY. FMR LLC lifted its holdings 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 purchasing an additional 44,118 shares in the last quarter. Verition Fund Management LLC lifted its stake in shares of Paylocity by 46.6% during the third quarter. Verition Fund Management LLC now owns 24,506 shares of the software maker’s stock valued at $4,043,000 after buying an additional 7,785 shares during the period. Edgestream Partners L.P. boosted its position in Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock worth $1,788,000 after acquiring an additional 7,475 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Paylocity in the 3rd quarter worth approximately $705,000. Finally, Holocene Advisors LP raised its holdings 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 acquiring an additional 8,643 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. JMP Securities lifted their price objective on Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. UBS Group lifted their price target on Paylocity from $211.00 to $220.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and set a $254.00 price objective (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $214.00 to $231.00 in a report on Thursday, January 16th. Finally, Needham & Company LLC boosted their price target on Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $233.25.

Paylocity Stock Up 1.3 %

Shares of NASDAQ PCTY opened at $189.83 on Wednesday. The firm has a market cap of $10.61 billion, a price-to-earnings ratio of 48.67, a PEG ratio of 4.49 and a beta of 0.94. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 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. The stock’s 50-day simple moving average is $200.85 and its 200-day simple moving average is $193.17.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. As a group, equities analysts anticipate that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 26,252 shares of Paylocity stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares in the company, valued at approximately $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.91% of the stock is owned by company insiders.

Paylocity Company Profile

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.