Burney Co. Cuts Position in Paylocity Holding Co. (NASDAQ:PCTY)

Burney Co. trimmed its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 6.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,861 shares of the software maker’s stock after selling 121 shares during the period. Burney Co.’s holdings in Paylocity were worth $371,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PCTY. Geode Capital Management LLC raised its stake in Paylocity by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after buying an additional 36,590 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Paylocity by 81.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Paylocity by 3.5% in the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock worth $85,444,000 after purchasing an additional 17,560 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after purchasing an additional 123,744 shares during the last quarter. Finally, Millennium Management LLC increased its stake in Paylocity by 435.2% during the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after purchasing an additional 269,354 shares in the last quarter. 94.76% of the stock is owned by institutional investors.

Paylocity Trading Down 1.2 %

NASDAQ:PCTY opened at $197.00 on Friday. The firm has a market capitalization of $10.98 billion, a price-to-earnings ratio of 50.38, a price-to-earnings-growth ratio of 4.69 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day moving average price of $201.47 and a 200-day moving average price of $174.33. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $215.68.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PCTY shares. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, December 7th. Piper Sandler boosted their price target on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. TD Cowen dropped their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Jefferies Financial Group boosted their target price on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, BMO Capital Markets raised their price target on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $210.64.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 10,237 shares of the stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $210.10, for a total value of $2,150,793.70. Following the completion of the sale, the director now directly owns 9,214,115 shares of the company’s stock, valued at $1,935,885,561.50. This represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. This trade represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 157,486 shares of company stock worth $31,751,368 over the last quarter. 21.91% of the stock is currently owned by corporate insiders.

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.