60,814 Shares in Paylocity Holding Co. (NASDAQ:PCTY) Purchased by Norges Bank

Norges Bank purchased a new position in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 60,814 shares of the software maker's stock, valued at approximately $12,131,000. Norges Bank owned about 0.11% of Paylocity at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PCTY. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Paylocity by 0.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,603 shares of the software maker's stock worth $1,916,000 after buying an additional 49 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in shares of Paylocity by 29.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker's stock worth $55,000 after purchasing an additional 63 shares during the period. UMB Bank n.a. increased its position in Paylocity by 41.1% during 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. PNC Financial Services Group Inc. raised its holdings in Paylocity by 2.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,156 shares of the software maker's stock valued at $630,000 after buying an additional 77 shares during the period. Finally, Gallacher Capital Management LLC raised its holdings in Paylocity by 4.6% in the fourth quarter. Gallacher Capital Management LLC now owns 1,989 shares of the software maker's stock valued at $397,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 94.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PCTY shares. Mizuho raised Paylocity from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $200.00 to $235.00 in a research report on Friday, January 31st. Needham & Company LLC raised their target price on Paylocity from $220.00 to $250.00 and gave the company a "buy" rating in a report on Friday, February 7th. Citigroup raised shares of Paylocity from a "neutral" rating to a "buy" rating and increased their price objective for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. KeyCorp lifted their price objective on shares of Paylocity from $220.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group upped their target price on shares of Paylocity from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $233.25.

Paylocity Stock Up 1.9 %

NASDAQ:PCTY traded up $3.49 during mid-day trading on Friday, reaching $187.27. The stock had a trading volume of 327,946 shares, compared to its average volume of 479,811. 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 market capitalization of $10.47 billion, a price-to-earnings ratio of 48.02, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The stock's 50 day simple moving average is $196.14 and its two-hundred day simple moving average is $194.08.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued 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%. Equities analysts anticipate that Paylocity Holding Co. will post 4.36 EPS for the current year.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the transaction, the director now directly owns 420,000 shares of the company's stock, valued at approximately $81,862,200. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.91% of the stock is owned by insiders.

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.