Icon Wealth Advisors LLC Raises Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Icon Wealth Advisors LLC grew its holdings in Paylocity Holding Co. (NASDAQ:PCTY) by 303.4% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 10,569 shares of the software maker’s stock after buying an additional 7,949 shares during the period. Icon Wealth Advisors LLC’s holdings in Paylocity were worth $1,698,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PCTY. UniSuper Management Pty Ltd boosted its holdings in Paylocity by 100.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 600 shares of the software maker’s stock valued at $103,000 after purchasing an additional 300 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Paylocity by 13.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 60,997 shares of the software maker’s stock worth $10,484,000 after buying an additional 7,144 shares in the last quarter. Shell Asset Management Co. grew its position in Paylocity by 67.0% during the first quarter. Shell Asset Management Co. now owns 2,732 shares of the software maker’s stock worth $470,000 after buying an additional 1,096 shares during the period. Advisors Asset Management Inc. increased its holdings in Paylocity by 46.6% in the first quarter. Advisors Asset Management Inc. now owns 428 shares of the software maker’s stock valued at $74,000 after buying an additional 136 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Paylocity by 3.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after acquiring an additional 278,607 shares during the period. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PCTY. JMP Securities reiterated a “market outperform” rating and issued a $250.00 price target on shares of Paylocity in a research report on Monday, August 5th. BMO Capital Markets increased their target price on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Barclays boosted their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Mizuho increased their price objective on Paylocity from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, KeyCorp boosted their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $196.64.

Insider Transactions at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the sale, the director now owns 11,755 shares in the company, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the sale, the senior vice president now directly owns 14,634 shares of the company’s stock, valued at $2,828,605.86. This represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,971 shares of company stock valued at $11,750,096. Company insiders own 21.91% of the company’s stock.

Paylocity Stock Performance

Shares of NASDAQ PCTY opened at $205.28 on Friday. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The company has a market cap of $11.44 billion, a PE ratio of 52.50, a P/E/G ratio of 5.06 and a beta of 0.93. The stock has a 50 day simple moving average of $178.10 and a 200-day simple moving average of $159.63.

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.