Sawgrass Asset Management LLC Takes Position in Paylocity Holding Corporation $PCTY

Sawgrass Asset Management LLC acquired a new stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 57,486 shares of the software maker’s stock, valued at approximately $9,156,000. Sawgrass Asset Management LLC owned approximately 0.11% of Paylocity at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PCTY. Y Intercept Hong Kong Ltd boosted its holdings in Paylocity by 154.7% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 11,454 shares of the software maker’s stock valued at $1,824,000 after purchasing an additional 6,957 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Paylocity by 79.9% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,241 shares of the software maker’s stock worth $516,000 after purchasing an additional 1,439 shares during the period. Teacher Retirement System of Texas raised its position in shares of Paylocity by 0.7% in the third quarter. Teacher Retirement System of Texas now owns 41,189 shares of the software maker’s stock worth $6,560,000 after buying an additional 297 shares in the last quarter. Chicago Partners Investment Group LLC boosted its stake in Paylocity by 18.9% during the third quarter. Chicago Partners Investment Group LLC now owns 4,006 shares of the software maker’s stock valued at $598,000 after buying an additional 638 shares during the period. Finally, Inscription Capital LLC boosted its stake in Paylocity by 288.2% during the third quarter. Inscription Capital LLC now owns 6,541 shares of the software maker’s stock valued at $1,042,000 after buying an additional 4,856 shares during the period. Institutional investors own 94.76% of the company’s stock.

Analysts Set New Price Targets

PCTY has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Paylocity in a research note on Monday, December 29th. Jefferies Financial Group cut their price objective on Paylocity from $225.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Cantor Fitzgerald set a $190.00 price objective on shares of Paylocity in a research report on Wednesday, November 5th. TD Cowen reaffirmed a “buy” rating on shares of Paylocity in a research note on Thursday, January 8th. Finally, Barclays cut their price target on shares of Paylocity from $175.00 to $164.00 and set an “equal weight” rating for the company in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $204.05.

Paylocity Trading Down 1.1%

Shares of NASDAQ PCTY opened at $145.86 on Friday. The stock’s 50-day moving average is $147.92 and its 200 day moving average is $160.17. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 36.56, a P/E/G ratio of 4.29 and a beta of 0.56. Paylocity Holding Corporation has a 1-year low of $135.46 and a 1-year high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Tuesday, November 4th. The software maker reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.23. The business had revenue of $408.17 million during the quarter, compared to analyst estimates of $399.53 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.Paylocity’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 earnings per share. On average, analysts forecast that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total value of $249,520.05. Following the transaction, the chief financial officer owned 77,229 shares in the company, valued at $11,093,945.85. This trade represents a 2.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 19.40% of the stock is currently owned by insiders.

Paylocity Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.