Edgestream Partners L.P. Purchases New Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Edgestream Partners L.P. purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,362 shares of the software maker’s stock, valued at approximately $443,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sei Investments Co. increased its holdings in shares of Paylocity by 25.2% in the fourth quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock valued at $31,654,000 after purchasing an additional 38,613 shares during the last quarter. Evoke Wealth LLC acquired a new stake in Paylocity during the fourth quarter worth $2,507,000. Wells Fargo & Company MN increased its stake in Paylocity by 274.8% during the fourth quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock worth $10,717,000 after acquiring an additional 47,663 shares during the last quarter. FORA Capital LLC acquired a new stake in Paylocity during the first quarter worth $1,540,000. Finally, Royal London Asset Management Ltd. acquired a new stake in Paylocity during the fourth quarter worth $1,938,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Trading Down 0.5 %

NASDAQ:PCTY opened at $162.58 on Monday. The firm has a market cap of $9.17 billion, a PE ratio of 47.26, a price-to-earnings-growth ratio of 3.80 and a beta of 0.94. The stock has a fifty day moving average price of $154.14 and a 200 day moving average price of $154.68. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $206.28.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. The company had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. Paylocity’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 EPS. Equities analysts forecast that Paylocity Holding Co. will post 4.51 EPS for the current year.

Insiders Place Their Bets

In other Paylocity news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now directly owns 31,074 shares of the company’s stock, valued at approximately $4,352,224.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the sale, the chief executive officer now owns 1,745,022 shares in the company, valued at $248,979,738.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $140.06, for a total value of $196,084.00. Following the sale, the chief financial officer now owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. 22.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Jefferies Financial Group cut their target price on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research note on Monday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $200.00 target price on shares of Paylocity in a research note on Thursday, September 5th. TD Cowen cut their target price on Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research note on Thursday, June 20th. Piper Sandler cut their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Stifel Nicolaus dropped their price objective on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research note on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.13.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.