UBS Group AG Purchases 8,894 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

UBS Group AG raised its holdings in Paylocity Holding Co. (NASDAQ:PCTY – Get Rating) by 725.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,120 shares of the software maker’s stock after purchasing an additional 8,894 shares during the period. UBS Group AG’s holdings in Paylocity were worth $2,445,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. HighTower Advisors LLC increased its stake in Paylocity by 12.9% in the first quarter. HighTower Advisors LLC now owns 5,798 shares of the software maker’s stock valued at $1,172,000 after acquiring an additional 664 shares during the period. Lord Abbett & CO. LLC bought a new stake in Paylocity in the first quarter valued at about $14,007,000. Sei Investments Co. increased its stake in Paylocity by 1.3% in the first quarter. Sei Investments Co. now owns 66,053 shares of the software maker’s stock valued at $13,594,000 after acquiring an additional 876 shares during the period. Canada Pension Plan Investment Board bought a new stake in Paylocity during the first quarter worth about $144,000. Finally, Covestor Ltd grew its stake in Paylocity by 88.1% during the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock worth $68,000 after buying an additional 155 shares during the last quarter. Institutional investors own 72.79% of the company’s stock.

Insiders Place Their Bets

In other Paylocity news, Director Steven I. Sarowitz sold 59,053 shares of the stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $203.83, for a total value of $12,036,772.99. Following the sale, the director now directly owns 10,438,370 shares in the company, valued at $2,127,652,957.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Steven I. Sarowitz sold 59,053 shares of the firm’s stock in a transaction on Thursday, February 23rd. The shares were sold at an average price of $203.83, for a total transaction of $12,036,772.99. Following the sale, the director now directly owns 10,438,370 shares in the company, valued at $2,127,652,957.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Toby J. Williams sold 8,000 shares of the firm’s stock in a transaction on Tuesday, February 14th. The stock was sold at an average price of $217.63, for a total transaction of $1,741,040.00. Following the sale, the chief executive officer now owns 107,176 shares in the company, valued at $23,324,712.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,303 shares of company stock worth $30,307,250. Company insiders own 26.50% of the company’s stock.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $191.14 on Tuesday. The company’s 50 day simple moving average is $201.89 and its 200 day simple moving average is $217.64. Paylocity Holding Co. has a fifty-two week low of $152.01 and a fifty-two week high of $276.88. The firm has a market capitalization of $10.66 billion, a P/E ratio of 111.78 and a beta of 1.07.

Paylocity (NASDAQ:PCTY – Get Rating) last posted its earnings results on Thursday, February 2nd. The software maker reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.10. The company had revenue of $273.01 million for the quarter, compared to analyst estimates of $259.78 million. Paylocity had a net margin of 9.58% and a return on equity of 18.52%. Sell-side analysts expect that Paylocity Holding Co. will post 2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. KeyCorp upped their price objective on shares of Paylocity from $295.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $325.00 price objective on shares of Paylocity in a research note on Monday, February 13th. Piper Sandler upped their price objective on shares of Paylocity from $276.00 to $297.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $320.00 price objective on shares of Paylocity in a research note on Friday, February 3rd. Finally, Robert W. Baird increased their price target on shares of Paylocity from $305.00 to $311.00 in a research note on Friday, February 3rd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and an average target price of $272.71.

About Paylocity

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Paylocity Holding Corp. engages in the development and provision of cloud-based software solutions. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.