JPMorgan Chase & Co. Purchases 385,625 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

JPMorgan Chase & Co. raised its stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 81.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 856,536 shares of the software maker's stock after buying an additional 385,625 shares during the quarter. JPMorgan Chase & Co. owned 1.54% of Paylocity worth $141,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. CIBC Asset Management Inc grew its stake in shares of Paylocity by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker's stock valued at $273,000 after buying an additional 58 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker's stock valued at $395,000 after acquiring an additional 82 shares during the last quarter. Covestor Ltd grew its position in Paylocity by 6.4% in the third quarter. Covestor Ltd now owns 1,373 shares of the software maker's stock worth $227,000 after acquiring an additional 83 shares in the last quarter. King Luther Capital Management Corp increased its stake in shares of Paylocity by 1.0% during the 2nd quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker's stock worth $1,316,000 after purchasing an additional 103 shares during the last quarter. Finally, SkyOak Wealth LLC raised its holdings in shares of Paylocity by 7.1% during the 2nd quarter. SkyOak Wealth LLC now owns 1,837 shares of the software maker's stock valued at $242,000 after purchasing an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

Shares of NASDAQ:PCTY traded down $0.58 on Wednesday, hitting $199.47. 245,766 shares of the company were exchanged, compared to its average volume of 483,470. The company's 50 day moving average price is $200.05 and its two-hundred day moving average price is $169.43. The firm has a market capitalization of $11.12 billion, a price-to-earnings ratio of 51.02, a PEG ratio of 4.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $215.68.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PCTY shares. Piper Sandler upped their price objective on shares of Paylocity from $172.00 to $212.00 and gave the stock an "overweight" rating in a report on Thursday, October 31st. Mizuho upped their price target on Paylocity from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, December 13th. StockNews.com raised Paylocity from a "hold" rating to a "buy" rating in a research note on Saturday, December 7th. Needham & Company LLC upped their target price on Paylocity from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Finally, Jefferies Financial Group lifted their price target on shares of Paylocity from $215.00 to $240.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $205.71.

Insider Activity at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the firm's stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the transaction, the director now directly owns 11,755 shares of the company's stock, valued at approximately $2,310,445.25. This trade represents a 71.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ryan Glenn sold 500 shares of Paylocity stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $203.28, for a total transaction of $101,640.00. Following the sale, the chief financial officer now owns 52,134 shares in the company, valued at approximately $10,597,799.52. This trade represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 154,886 shares of company stock worth $31,231,004 over the last three months. Company insiders own 21.91% of the company's stock.

Paylocity Company 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.