Lord Abbett & CO. LLC Purchases 8,878 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Lord Abbett & CO. LLC grew its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 3.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 287,264 shares of the software maker's stock after acquiring an additional 8,878 shares during the period. Lord Abbett & CO. LLC owned 0.52% of Paylocity worth $47,389,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Millennium Management LLC lifted its position in Paylocity by 435.2% during the second 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. Point72 Asset Management L.P. increased its holdings in Paylocity by 283.8% in 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 in the last quarter. Liontrust Investment Partners LLP raised its stake in Paylocity by 27.1% during the 2nd quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker's stock worth $106,840,000 after acquiring an additional 172,807 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in Paylocity by 1,662.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker's stock valued at $23,986,000 after purchasing an additional 171,597 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Paylocity by 58.3% in the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker's stock worth $44,296,000 after purchasing an additional 123,744 shares during the period. Hedge funds and other institutional investors own 94.76% of the company's stock.

Wall Street Analysts Forecast Growth

PCTY has been the topic of a number of analyst reports. Barclays lifted their target price on shares of Paylocity from $174.00 to $180.00 and gave the company an "equal weight" rating in a research note on Thursday, October 31st. KeyCorp upped their price objective on Paylocity from $187.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. Truist Financial lifted their target price on Paylocity from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, November 1st. Needham & Company LLC upped their price target on Paylocity from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets lifted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $205.71.

Insider Buying and Selling

In other news, SVP Andrew Cappotelli sold 247 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 of the company's stock, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 13,689 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $203.29, for a total value of $2,782,836.81. Following the sale, the director now directly owns 8,385,954 shares of the company's stock, valued at $1,704,780,588.66. This represents a 0.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 129,089 shares of company stock worth $25,991,644 over the last three months. 21.91% of the stock is owned by insiders.

Paylocity Trading Down 2.2 %

PCTY stock traded down $4.42 during midday trading on Friday, reaching $200.17. 364,430 shares of the company traded hands, compared to its average volume of 491,655. The firm has a market capitalization of $11.16 billion, a price-to-earnings ratio of 51.19, a P/E/G ratio of 5.00 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. The business has a 50 day moving average of $191.97 and a 200-day moving average of $164.21. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $215.68.

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.