Harel Insurance Investments & Financial Services Ltd. Raises Position in Paylocity Holding Co. (NASDAQ:PCTY)

Harel Insurance Investments & Financial Services Ltd. increased its holdings in Paylocity Holding Co. (NASDAQ:PCTY) by 91.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,315 shares of the software maker’s stock after purchasing an additional 17,391 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Paylocity were worth $7,244,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its holdings in Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock valued at $273,000 after buying an additional 58 shares during the period. UMB Bank n.a. increased its stake in Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after acquiring an additional 72 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Paylocity by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after purchasing an additional 82 shares in the last quarter. Covestor Ltd grew its holdings in shares of Paylocity by 6.4% during the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after purchasing an additional 83 shares during the period. Finally, GAMMA Investing LLC increased its position in Paylocity by 43.3% during the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after purchasing an additional 116 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. TD Cowen decreased their price objective on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating for the company in a research note on Monday, January 6th. KeyCorp increased their price target on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Paylocity in a report on Wednesday, January 15th. Citigroup upgraded shares of Paylocity from a “neutral” rating to a “buy” rating and upped their target price for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. Finally, Truist Financial lifted their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Two 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.com, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $210.64.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 15,444 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $195.43, for a total transaction of $3,018,220.92. Following the completion of the transaction, the director now directly owns 9,272,906 shares in the company, valued at $1,812,204,019.58. This represents a 0.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey T. Diehl sold 29,606 shares of Paylocity stock in a transaction dated Tuesday, November 5th. The shares were 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 ownership of the stock. 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. Company insiders own 21.91% of the company’s stock.

Paylocity Stock Performance

PCTY stock opened at $206.50 on Friday. The firm has a market cap of $11.51 billion, a P/E ratio of 52.81, a P/E/G ratio of 4.84 and a beta of 0.93. The stock’s 50 day simple moving average is $200.74 and its 200 day simple moving average is $176.67. The company has a current ratio of 1.32, a quick 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.

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.