Verition Fund Management LLC Boosts Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Verition Fund Management LLC increased its position in Paylocity Holding Co. (NASDAQ:PCTY) by 46.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 24,506 shares of the software maker’s stock after purchasing 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.

Other institutional investors have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its position in Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock valued at $29,000 after acquiring an additional 165 shares during the period. Prospera Private Wealth LLC acquired a new position in Paylocity in the 3rd quarter valued at about $39,000. Rothschild Investment LLC acquired a new position in Paylocity in the 2nd quarter valued at about $40,000. Signaturefd LLC increased its position in Paylocity by 121.0% in the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after acquiring an additional 167 shares during the period. Finally, Tompkins Financial Corp acquired a new position in Paylocity in the 3rd quarter valued at about $82,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 2,900 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $208.17, for a total value of $603,693.00. Following the sale, the director now owns 9,211,215 shares of the company’s stock, valued at approximately $1,917,498,626.55. This represents a 0.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 4,513 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $209.91, for a total value of $947,323.83. Following the completion of the sale, the director now directly owns 1,003 shares in the company, valued at approximately $210,539.73. The trade was a 81.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 88,927 shares of company stock valued at $17,759,122. 21.91% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PCTY. StockNews.com cut Paylocity from a “buy” rating to a “hold” rating in a research report on Friday, November 29th. Truist Financial boosted their target price on Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Needham & Company LLC boosted their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Jefferies Financial Group boosted their target price on Paylocity from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, KeyCorp boosted their target price on Paylocity from $187.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Paylocity currently has an average rating of “Moderate Buy” and a consensus price target of $196.64.

Paylocity Price Performance

PCTY stock opened at $207.57 on Wednesday. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $215.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock’s 50 day moving average price is $185.65 and its 200 day moving average price is $161.75. The firm has a market cap of $11.57 billion, a P/E ratio of 53.09, a PEG ratio of 5.16 and a beta of 0.92.

About Paylocity

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.