Paylocity Holding Co. (NASDAQ:PCTY) Stock Position Reduced by King Luther Capital Management Corp

King Luther Capital Management Corp decreased its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 20.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,798 shares of the software maker’s stock after selling 2,536 shares during the quarter. King Luther Capital Management Corp’s holdings in Paylocity were worth $1,615,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Paylocity in the 4th quarter valued at approximately $82,172,000. Liontrust Investment Partners LLP bought a new stake in Paylocity in the third quarter worth approximately $90,181,000. Clearbridge Investments LLC increased its stake in shares of Paylocity by 2,212.5% during the 4th quarter. Clearbridge Investments LLC now owns 381,952 shares of the software maker’s stock worth $62,965,000 after purchasing an additional 365,435 shares during the last quarter. Comerica Bank bought a new position in shares of Paylocity during the 3rd quarter valued at $18,506,000. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Paylocity by 26.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 472,517 shares of the software maker’s stock valued at $85,856,000 after purchasing an additional 99,781 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Trading Down 4.1 %

Shares of NASDAQ PCTY traded down $6.69 during midday trading on Friday, reaching $157.50. The company’s stock had a trading volume of 148,193 shares, compared to its average volume of 489,190. Paylocity Holding Co. has a fifty-two week low of $139.40 and a fifty-two week high of $230.52. The stock has a 50 day simple moving average of $165.65 and a 200-day simple moving average of $162.42. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of 47.73, a PEG ratio of 3.18 and a beta of 0.88.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.28 by $0.29. The firm had revenue of $401.28 million for the quarter, compared to analysts’ expectations of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. As a group, equities analysts anticipate that Paylocity Holding Co. will post 3.85 EPS for the current year.

Insiders Place Their Bets

In related news, Director Jeffrey T. Diehl sold 1,760 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 14,704 shares of the company’s stock, valued at $2,523,794.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Jeffrey T. Diehl sold 1,760 shares of Paylocity stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the transaction, the director now owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Katherine Ross sold 491 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $168.29, for a total transaction of $82,630.39. Following the completion of the sale, the senior vice president now owns 15,353 shares of the company’s stock, valued at $2,583,756.37. The disclosure for this sale can be found here. Insiders have sold 30,043 shares of company stock valued at $5,056,642 in the last 90 days. 22.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PCTY. KeyCorp raised their target price on Paylocity from $186.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Needham & Company LLC restated a “buy” rating and issued a $200.00 target price on shares of Paylocity in a report on Friday, May 3rd. Barclays raised their price target on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Mizuho lowered their target price on Paylocity from $170.00 to $155.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. Finally, TD Cowen cut their price target on Paylocity from $188.00 to $180.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $196.40.

Paylocity Profile

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.