Mn Services Vermogensbeheer B.V. Cuts Stock Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Mn Services Vermogensbeheer B.V. trimmed its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 3.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,200 shares of the software maker’s stock after selling 700 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Paylocity were worth $3,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of PCTY. HighTower Advisors LLC boosted its holdings in shares of Paylocity by 12.9% in the 1st quarter. HighTower Advisors LLC now owns 5,798 shares of the software maker’s stock worth $1,172,000 after buying an additional 664 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Paylocity during the first quarter valued at about $14,007,000. Sei Investments Co. lifted its holdings in Paylocity by 1.3% during the first quarter. Sei Investments Co. now owns 66,053 shares of the software maker’s stock valued at $13,594,000 after purchasing an additional 876 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Paylocity during the first quarter valued at about $144,000. Finally, Covestor Ltd lifted its holdings in Paylocity by 88.1% during the first quarter. Covestor Ltd now owns 331 shares of the software maker’s stock valued at $68,000 after purchasing an additional 155 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Steven I. Sarowitz sold 24,504 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 9,587,872 shares of the company’s stock, valued at $1,682,383,899.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey T. Diehl sold 20,032 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $168.55, for a total value of $3,376,393.60. Following the completion of the transaction, the director now owns 16,391 shares of the company’s stock, valued at approximately $2,762,703.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,547 shares of company stock valued at $9,356,359. 22.50% of the stock is currently owned by company insiders.

Paylocity Price Performance

Shares of PCTY opened at $159.00 on Wednesday. The firm has a market cap of $8.96 billion, a P/E ratio of 53.72, a P/E/G ratio of 3.55 and a beta of 0.87. The stock has a 50 day simple moving average of $169.40 and a two-hundred day simple moving average of $166.66. Paylocity Holding Co. has a 1 year low of $139.40 and a 1 year high of $230.52.

Paylocity (NASDAQ:PCTY) last released 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. The firm had revenue of $326.36 million during the quarter, compared to analyst estimates of $324.34 million. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. On average, equities analysts anticipate that Paylocity Holding Co. will post 3.48 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on PCTY. KeyCorp dropped their price objective on shares of Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a report on Friday, February 9th. Citigroup upped their price target on Paylocity from $180.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, January 31st. BTIG Research began coverage on Paylocity in a research report on Tuesday, February 6th. They set a “buy” rating and a $200.00 price target on the stock. Truist Financial decreased their price target on Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Finally, Piper Sandler upped their price target on Paylocity from $207.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $205.13.

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.