State of New Jersey Common Pension Fund D Grows Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

State of New Jersey Common Pension Fund D raised its holdings in Paylocity Holding Co. (NASDAQ:PCTY) by 6.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,364 shares of the software maker’s stock after buying an additional 1,608 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Paylocity were worth $4,346,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB raised its stake in Paylocity by 195.8% in the third quarter. Nordea Investment Management AB now owns 6,280 shares of the software maker’s stock valued at $1,156,000 after buying an additional 4,157 shares in the last quarter. Vanguard Group Inc. raised its stake in Paylocity by 0.6% in the third quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock valued at $753,012,000 after buying an additional 25,562 shares in the last quarter. Walleye Capital LLC raised its stake in Paylocity by 132.0% in the third quarter. Walleye Capital LLC now owns 14,623 shares of the software maker’s stock valued at $2,657,000 after buying an additional 8,319 shares in the last quarter. Trust Point Inc. acquired a new stake in Paylocity in the fourth quarter valued at $1,023,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Paylocity by 98.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,771 shares of the software maker’s stock valued at $2,600,000 after buying an additional 7,828 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PCTY shares. Needham & Company LLC restated a “buy” rating and issued a $200.00 price target on shares of Paylocity in a research note on Friday, February 9th. Jefferies Financial Group reiterated a “hold” rating and set a $180.00 target price (down previously from $240.00) on shares of Paylocity in a research report on Friday, January 5th. KeyCorp cut their target price on Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a research report on Friday, February 9th. Piper Sandler lifted their target price on Paylocity from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, February 9th. Finally, Mizuho cut their target price on Paylocity from $170.00 to $155.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and a consensus price target of $205.13.

Paylocity Stock Up 0.3 %

Shares of PCTY stock opened at $157.06 on Friday. The stock has a market capitalization of $8.85 billion, a PE ratio of 53.06, a price-to-earnings-growth ratio of 3.39 and a beta of 0.87. Paylocity Holding Co. has a 52-week low of $139.40 and a 52-week high of $230.52. The stock’s 50-day moving average price is $167.16 and its 200 day moving average price is $165.04.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. The company had revenue of $326.36 million for the quarter, compared to analyst estimates of $324.34 million. Analysts expect that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total value of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Paylocity news, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $168.29, for a total value of $82,630.39. Following the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at approximately $2,583,756.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is owned by corporate insiders.

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.