Riverbridge Partners LLC Cuts Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Riverbridge Partners LLC trimmed its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 721,522 shares of the software maker’s stock after selling 50,827 shares during the quarter. Paylocity comprises 2.0% of Riverbridge Partners LLC’s portfolio, making the stock its 13th largest position. Riverbridge Partners LLC’s holdings in Paylocity were worth $143,922,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock worth $173,053,000 after acquiring an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after purchasing an additional 17,560 shares during the period. Dimensional Fund Advisors LP grew its holdings in Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after purchasing an additional 123,744 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Paylocity by 435.2% during the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after buying an additional 269,354 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Stock Up 0.2 %

Shares of Paylocity stock opened at $197.74 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $215.68. The firm has a market capitalization of $11.02 billion, a PE ratio of 50.57, a price-to-earnings-growth ratio of 4.83 and a beta of 0.93. The stock’s fifty day moving average is $200.88 and its 200-day moving average is $175.82.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 10,237 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the transaction, the director now owns 9,214,115 shares of the company’s stock, valued at approximately $1,935,885,561.50. The trade was a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Nicholas Rost sold 212 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 $40,977.48. Following the transaction, the chief accounting officer now directly owns 7,364 shares of the company’s stock, valued at $1,423,387.56. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 157,486 shares of company stock valued at $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Cowen dropped their target price on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Paylocity in a research report on Wednesday, January 15th. Mizuho upped their price target on shares of Paylocity from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Finally, BMO Capital Markets upped their target price on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $210.64.

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.