Convergence Investment Partners LLC Takes Position in Paylocity Holding Co. (NASDAQ:PCTY)

Convergence Investment Partners LLC purchased a new position in Paylocity Holding Co. (NASDAQ:PCTY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,773 shares of the software maker’s stock, valued at approximately $553,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Prospera Private Wealth LLC bought a new position in Paylocity in the third quarter valued at $39,000. UMB Bank n.a. boosted its holdings in shares of Paylocity by 41.1% in the 4th quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after purchasing an additional 72 shares in the last quarter. Signaturefd LLC increased its position in shares of Paylocity by 121.0% during the 3rd quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after purchasing an additional 167 shares during the last quarter. Quarry LP raised its holdings in shares of Paylocity by 149.2% during the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock valued at $51,000 after buying an additional 185 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after buying an additional 116 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

Analyst Ratings Changes

PCTY has been the subject of a number of recent research reports. Barclays boosted their target price on Paylocity from $214.00 to $231.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Needham & Company LLC upped their price objective on shares of Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price target on shares of Paylocity from $220.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 7th. JMP Securities upped their price target on shares of Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a research report on Friday, February 7th. Finally, Raymond James restated an “outperform” rating and set a $265.00 target price (up from $215.00) on shares of Paylocity in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.

Insiders Place Their Bets

In related news, CFO Ryan Glenn sold 2,600 shares of Paylocity stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $205.40, for a total transaction of $534,040.00. Following the completion of the transaction, the chief financial officer now directly owns 48,150 shares of the company’s stock, valued at $9,890,010. This trade represents a 5.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven I. Sarowitz sold 1,400 shares of Paylocity stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $200.59, for a total transaction of $280,826.00. Following the transaction, the director now owns 8,338,430 shares of the company’s stock, valued at $1,672,605,673.70. The trade was a 0.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 98,305 shares of company stock worth $20,130,202 over the last three months. Company insiders own 21.91% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY stock opened at $212.68 on Thursday. The stock has a fifty day moving average of $202.69 and a 200 day moving average of $185.10. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $223.80. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $11.89 billion, a price-to-earnings ratio of 54.53, a PEG ratio of 4.72 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. As a group, research analysts expect that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.