Point72 Asset Management L.P. Makes New Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Point72 Asset Management L.P. bought a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 80,704 shares of the software maker’s stock, valued at approximately $10,641,000. Point72 Asset Management L.P. owned 0.15% of Paylocity at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Rothschild Investment LLC bought a new position in Paylocity in the 2nd quarter valued at $40,000. J.Safra Asset Management Corp raised its position in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the period. GAMMA Investing LLC lifted its stake in Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after purchasing an additional 78 shares during the last quarter. RiverPark Advisors LLC boosted its stake in shares of Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock valued at $66,000 after purchasing an additional 231 shares during the period. Finally, Versant Capital Management Inc bought a new position in shares of Paylocity in the second quarter worth approximately $66,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Activity at Paylocity

In other 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 value of $196,084.00. Following the sale, the chief financial officer now directly 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 available at the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the business’s 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 completion of the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s 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 transaction, the chief financial officer now directly owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,974 shares of company stock valued at $7,272,256. 22.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PCTY has been the topic of a number of recent research reports. Barclays cut their price objective on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a report on Monday, August 5th. BTIG Research reduced their price objective on shares of Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Piper Sandler dropped their target price on shares of Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Truist Financial lowered their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus reduced their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Stock Performance

Shares of Paylocity stock opened at $164.97 on Tuesday. The stock has a market cap of $9.31 billion, a P/E ratio of 47.96, a P/E/G ratio of 4.01 and a beta of 0.94. The stock’s fifty day moving average is $155.82 and its 200 day moving average is $154.54. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $206.28.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $350.29 million. During the same period in the prior year, the business posted $0.76 earnings per share. The company’s revenue was up 15.8% on a year-over-year basis. Analysts predict that Paylocity Holding Co. will post 4.51 EPS for the current year.

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.