Allspring Global Investments Holdings LLC Makes New Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Allspring Global Investments Holdings LLC acquired a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 498,467 shares of the software maker’s stock, valued at approximately $82,172,000. Allspring Global Investments Holdings LLC owned 0.89% of Paylocity as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Paylocity by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,144,262 shares of the software maker’s stock valued at $753,012,000 after purchasing an additional 25,562 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Paylocity by 10.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,721,425 shares of the software maker’s stock valued at $334,405,000 after acquiring an additional 156,945 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Paylocity by 20.7% in the 1st quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock worth $284,399,000 after acquiring an additional 236,876 shares in the last quarter. State Street Corp grew its position in Paylocity by 0.3% during the 2nd quarter. State Street Corp now owns 1,285,405 shares of the software maker’s stock worth $237,196,000 after acquiring an additional 3,620 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Paylocity by 45.7% during the 4th quarter. 1832 Asset Management L.P. now owns 540,300 shares of the software maker’s stock valued at $104,959,000 after purchasing an additional 169,500 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Stock Up 2.5 %

Shares of Paylocity stock opened at $172.39 on Wednesday. Paylocity Holding Co. has a 12 month low of $139.40 and a 12 month high of $230.52. The business has a fifty day simple moving average of $168.67 and a 200 day simple moving average of $167.21. The stock has a market cap of $9.71 billion, a PE ratio of 58.24, a price-to-earnings-growth ratio of 3.65 and a beta of 0.87.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.08. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. 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 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. KeyCorp reduced their price objective on Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a research note on Friday, February 9th. BTIG Research initiated coverage on shares of Paylocity in a report on Tuesday, February 6th. They set a “buy” rating and a $200.00 price objective on the stock. Mizuho dropped their target price on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research note on Friday, February 9th. Citigroup increased their price target on shares of Paylocity from $180.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, January 31st. Finally, JMP Securities restated a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a research report on Monday, January 22nd. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $205.13.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $175.47, for a total transaction of $4,299,716.88. Following the sale, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Steven R. Beauchamp sold 7,760 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the completion of the transaction, the chief executive officer now directly owns 1,746,468 shares of the company’s stock, valued at approximately $291,572,832.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven I. Sarowitz sold 24,504 shares of Paylocity stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the completion of 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. Over the last ninety days, insiders have sold 54,547 shares of company stock worth $9,356,359. Corporate insiders own 22.50% of the company’s stock.

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.