Paylocity Holding Corporation $PCTY Stock Sold by Riverbridge Partners LLC

Riverbridge Partners LLC lessened its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 5.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 309,856 shares of the software maker’s stock after selling 18,510 shares during the quarter. Paylocity accounts for 1.3% of Riverbridge Partners LLC’s investment portfolio, making the stock its 21st biggest position. Riverbridge Partners LLC’s holdings in Paylocity were worth $44,176,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in PCTY. BlackRock Inc. bought a new position in shares of Paylocity in the second quarter worth $430,315,000. Jupiter Topco LLC acquired a new position in shares of Paylocity during the second quarter valued at $70,540,000. Deutsche Bank AG acquired a new position in shares of Paylocity during the second quarter valued at $54,906,000. Bank of America Corp DE acquired a new position in shares of Paylocity during the second quarter valued at $54,867,000. Finally, Amundi raised its stake in shares of Paylocity by 143.3% during the first quarter. Amundi now owns 606,158 shares of the software maker’s stock valued at $65,489,000 after purchasing an additional 357,001 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PCTY has been the subject of several research analyst reports. Cantor Fitzgerald upped their price objective on shares of Paylocity from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Guggenheim increased their price objective on shares of Paylocity from $180.00 to $200.00 and gave the company a “buy” rating in a report on Friday, October 23rd. UBS Group set a $175.00 price objective on shares of Paylocity in a research note on Tuesday, September 29th. Citigroup boosted their target price on Paylocity from $208.00 to $214.00 and gave the stock a “buy” rating in a report on Monday. Finally, TD Cowen upped their target price on Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.82.

Insider Activity

In related news, Chairman Steven Beauchamp sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $165.22, for a total value of $2,478,300.00. Following the sale, the chairman directly owned 1,243,389 shares in the company, valued at $205,432,730.58. The trade was a 1.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Steven I. Sarowitz sold 19,459 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the sale, the director owned 4,453,495 shares in the company, valued at $702,672,441.10. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 151,704 shares of company stock valued at $25,137,741. Insiders own 20.10% of the company’s stock.

Paylocity Trading Up 0.7%

Shares of PCTY stock opened at $179.00 on Wednesday. The stock has a 50-day simple moving average of $156.88 and a 200 day simple moving average of $127.78. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $181.57. The stock has a market capitalization of $9.30 billion, a P/E ratio of 34.69, a P/E/G ratio of 2.03 and a beta of 0.43. The company has a quick ratio of 1.09, a current ratio of 1.04 and a debt-to-equity ratio of 0.11.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, November 5th. The software maker reported $2.09 EPS for the quarter, topping the consensus estimate of $1.93 by $0.16. Paylocity had a net margin of 15.40% and a return on equity of 27.59%. The firm had revenue of $451.67 million for the quarter, compared to analysts’ expectations of $443.12 million. During the same period in the previous year, the business earned $1.75 earnings per share. Paylocity’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts expect that Paylocity Holding Corporation will post 6.94 earnings per share for the current fiscal year.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations. Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.