Cornercap Investment Counsel Inc. Buys Shares of 15,975 Paylocity Holding Corp (PCTY)
Cornercap Investment Counsel Inc. purchased a new stake in shares of Paylocity Holding Corp (NASDAQ:PCTY) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 15,975 shares of the software maker’s stock, valued at approximately $753,000.
Other hedge funds have also made changes to their positions in the company. Fox Run Management L.L.C. acquired a new position in Paylocity during the fourth quarter valued at approximately $520,000. Jane Street Group LLC acquired a new position in Paylocity during the third quarter valued at approximately $260,000. Prudential Financial Inc. acquired a new position in Paylocity during the third quarter valued at approximately $267,000. Legal & General Group Plc lifted its position in Paylocity by 47.7% during the third quarter. Legal & General Group Plc now owns 11,412 shares of the software maker’s stock valued at $556,000 after buying an additional 3,686 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in Paylocity by 103.0% during the fourth quarter. Bank of Montreal Can now owns 7,293 shares of the software maker’s stock valued at $344,000 after buying an additional 3,700 shares in the last quarter. 62.59% of the stock is currently owned by hedge funds and other institutional investors.
Paylocity Holding Corp (PCTY) opened at $54.43 on Wednesday. Paylocity Holding Corp has a 12-month low of $34.13 and a 12-month high of $57.16. The company has a market cap of $2,908.46, a price-to-earnings ratio of 212.65, a PEG ratio of 8.32 and a beta of 2.13.
A number of research analysts have weighed in on the stock. SunTrust Banks raised shares of Paylocity from a “hold” rating to a “buy” rating and reduced their price target for the company from $52.72 to $45.00 in a research report on Monday. BidaskClub raised shares of Paylocity from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Zacks Investment Research cut shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Dougherty & Co assumed coverage on shares of Paylocity in a research report on Tuesday, December 19th. They set a “neutral” rating on the stock. Finally, TheStreet cut shares of Paylocity from a “b-” rating to a “c+” rating in a research report on Tuesday, December 5th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $52.77.
In related news, insider Mark S. Kinsey sold 3,200 shares of Paylocity stock in a transaction on Monday, March 12th. The shares were sold at an average price of $54.44, for a total value of $174,208.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael R. Haske sold 25,000 shares of Paylocity stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $50.02, for a total transaction of $1,250,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,927 shares of company stock worth $13,750,422. Corporate insiders own 48.80% of the company’s stock.
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Paylocity Holding Corporation is a cloud-based provider of payroll and human capital management (HCM), software solutions for medium-sized organizations. The Company’s services are provided in a software-as-a-service delivery model utilizing its cloud-based platform. The cloud-based platform provides a suite of applications using a multi-tenant architecture.
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