Convergence Investment Partners LLC Buys Shares of 2,773 Paylocity Holding Co. (NASDAQ:PCTY)

Convergence Investment Partners LLC purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,773 shares of the software maker's stock, valued at approximately $553,000.

Several other large investors have also made changes to their positions in PCTY. JPMorgan Chase & Co. grew its holdings in Paylocity by 81.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock worth $141,303,000 after acquiring an additional 385,625 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in Paylocity by 283.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker's stock worth $51,101,000 after acquiring an additional 229,057 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Paylocity by 297.6% during the 3rd quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker's stock worth $19,724,000 after acquiring an additional 89,487 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Paylocity by 113.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker's stock worth $15,904,000 after acquiring an additional 51,276 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Paylocity by 1,896.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker's stock worth $7,913,000 after acquiring an additional 45,564 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

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Analyst Ratings Changes

PCTY has been the topic of a number of research analyst reports. KeyCorp increased their price objective on shares of Paylocity from $220.00 to $250.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Citigroup upgraded shares of Paylocity from a "neutral" rating to a "buy" rating and upped their target price for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. Mizuho upgraded shares of Paylocity from a "neutral" rating to an "outperform" rating and upped their target price for the company from $200.00 to $235.00 in a research report on Friday, January 31st. JMP Securities upped their target price 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, Stifel Nicolaus upped their target price 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. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $233.25.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 10,237 shares of Paylocity stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the completion of the sale, the director now owns 9,214,115 shares of the company's stock, valued at approximately $1,935,885,561.50. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey T. Diehl sold 4,513 shares of Paylocity stock in a transaction on Monday, November 25th. The stock was sold at an average price of $209.91, for a total value of $947,323.83. Following the sale, the director now directly owns 1,003 shares of the company's stock, valued at $210,539.73. This represents a 81.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,999 shares of company stock valued at $17,822,987 in the last quarter. 21.91% of the stock is currently owned by insiders.

Paylocity Stock Down 0.8 %

Shares of PCTY traded down $1.60 during mid-day trading on Friday, hitting $204.82. 369,200 shares of the company's stock were exchanged, compared to its average volume of 488,593. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $223.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. The company has a 50-day simple moving average of $202.82 and a 200 day simple moving average of $185.84. The company has a market cap of $11.45 billion, a PE ratio of 52.52, a P/E/G ratio of 4.49 and a beta of 0.95.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. On average, research analysts forecast that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Paylocity Profile

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.