Verition Fund Management LLC Raises Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Verition Fund Management LLC increased its position in Paylocity Holding Co. (NASDAQ:PCTY) by 46.6% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 24,506 shares of the software maker’s stock after buying an additional 7,785 shares during the period. Verition Fund Management LLC’s holdings in Paylocity were worth $4,043,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. CIBC Asset Management Inc raised its position in shares of Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after buying an additional 58 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Paylocity by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after buying an additional 82 shares during the period. Covestor Ltd raised its position in shares of Paylocity by 6.4% in the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after buying an additional 83 shares during the period. King Luther Capital Management Corp raised its position in shares of Paylocity by 1.0% in the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after buying an additional 103 shares during the period. Finally, SkyOak Wealth LLC increased its holdings in Paylocity by 7.1% in the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker’s stock valued at $242,000 after purchasing an additional 122 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Down 0.9 %

NASDAQ:PCTY opened at $207.57 on Wednesday. The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of 53.09, a price-to-earnings-growth ratio of 5.16 and a beta of 0.92. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $215.68. The stock has a 50-day simple moving average of $185.65 and a 200 day simple moving average of $161.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32.

Insider Buying and Selling

In related news, Director Steven I. Sarowitz sold 2,900 shares of Paylocity stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $208.17, for a total value of $603,693.00. Following the completion of the transaction, the director now directly owns 9,211,215 shares in the company, valued at approximately $1,917,498,626.55. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey T. Diehl sold 4,513 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $209.91, for a total transaction of $947,323.83. Following the completion of the transaction, the director now directly owns 1,003 shares in the company, valued at $210,539.73. This represents a 81.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 88,927 shares of company stock worth $17,759,122. Corporate insiders own 21.91% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Barclays increased their price target on Paylocity from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Thursday, October 31st. KeyCorp increased their price target on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Needham & Company LLC increased their price target on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Truist Financial increased their price target on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a report on Friday, November 1st. Finally, Piper Sandler increased their price target on Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $196.64.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.