Point72 DIFC Ltd Invests $1.10 Million in Paylocity Holding Co. (NASDAQ:PCTY)

Point72 DIFC Ltd bought a new stake in Paylocity Holding Co. (NASDAQ:PCTY) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 8,304 shares of the software maker’s stock, valued at approximately $1,095,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PCTY. Dimensional Fund Advisors LP increased its position in shares of Paylocity by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 208,662 shares of the software maker’s stock worth $34,401,000 after purchasing an additional 11,962 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Paylocity by 36.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 5,635 shares of the software maker’s stock valued at $929,000 after buying an additional 1,500 shares during the last quarter. Norges Bank acquired a new stake in shares of Paylocity in the fourth quarter valued at approximately $9,643,000. Wells Fargo & Company MN grew its position in shares of 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. Finally, Quest Partners LLC acquired a new position in shares of Paylocity in the 4th quarter valued at $163,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Robert W. Baird dropped their price objective on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 18th. TD Cowen dropped their price target on Paylocity from $180.00 to $153.00 and set a “buy” rating on the stock in a research report on Thursday, June 20th. Stifel Nicolaus reduced 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. Jefferies Financial Group lowered their target price on Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. Finally, Needham & Company LLC restated a “buy” rating and set a $200.00 price target on shares of Paylocity in a research note on Thursday, September 5th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Price Performance

NASDAQ PCTY opened at $165.41 on Wednesday. The business has a 50 day moving average price of $154.78 and a 200 day moving average price of $154.68. The company has a market capitalization of $9.19 billion, a P/E ratio of 48.08, a PEG ratio of 3.98 and a beta of 0.94. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $206.28.

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

Insider Transactions at Paylocity

In other Paylocity news, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction on 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 approximately $248,979,738.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Ryan Glenn sold 1,400 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The disclosure for this sale can be found here. Corporate insiders own 22.50% of the company’s stock.

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.