Picton Mahoney Asset Management Has $559,000 Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Picton Mahoney Asset Management boosted its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 349.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,396 shares of the software maker’s stock after buying an additional 2,641 shares during the quarter. Picton Mahoney Asset Management’s holdings in Paylocity were worth $559,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PCTY. Bank of New York Mellon Corp raised its stake in Paylocity by 2.4% during the third quarter. Bank of New York Mellon Corp now owns 461,992 shares of the software maker’s stock worth $83,944,000 after buying an additional 11,025 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of Paylocity in the 3rd quarter valued at about $991,000. State of Michigan Retirement System boosted its position in shares of Paylocity by 1.0% during the 3rd quarter. State of Michigan Retirement System now owns 10,272 shares of the software maker’s stock valued at $1,866,000 after purchasing an additional 100 shares in the last quarter. Assetmark Inc. grew its stake in Paylocity by 1,716.8% during the third quarter. Assetmark Inc. now owns 2,271 shares of the software maker’s stock worth $413,000 after purchasing an additional 2,146 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Paylocity by 13.7% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 101,722 shares of the software maker’s stock worth $18,483,000 after purchasing an additional 12,263 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PCTY shares. KeyCorp increased their price target on Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Barclays lifted their price target on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. BTIG Research started coverage on shares of Paylocity in a research report on Tuesday, February 6th. They set a “buy” rating and a $200.00 price target on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research report on Monday, January 22nd. Finally, TD Cowen dropped their target price on shares of Paylocity from $188.00 to $180.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $196.67.

Insider Buying and Selling

In related news, Director Jeffrey T. Diehl sold 1,760 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the transaction, the director now directly owns 14,704 shares in the company, valued at $2,523,794.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, SVP Katherine Ross sold 491 shares of Paylocity stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total value of $82,630.39. Following the transaction, the senior vice president now owns 15,353 shares in the company, valued at approximately $2,583,756.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 1,760 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total transaction of $302,086.40. Following the sale, the director now owns 14,704 shares of the company’s stock, valued at $2,523,794.56. 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. Company insiders own 22.50% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY opened at $168.28 on Thursday. The firm has a market cap of $9.50 billion, a P/E ratio of 48.92, a price-to-earnings-growth ratio of 3.63 and a beta of 0.88. Paylocity Holding Co. has a fifty-two week low of $139.40 and a fifty-two week high of $230.52. The business has a 50-day moving average of $165.31 and a 200 day moving average of $162.71.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.08. The company had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. As a group, research analysts predict that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal 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.