Connor Clark & Lunn Investment Management Ltd. Purchases 21,432 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 162.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,623 shares of the software maker's stock after buying an additional 21,432 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Paylocity worth $6,906,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCTY. Avantax Advisory Services Inc. lifted its holdings in shares of Paylocity by 5.3% in the 4th quarter. Avantax Advisory Services Inc. now owns 1,940 shares of the software maker's stock worth $387,000 after purchasing an additional 98 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Paylocity by 489.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 271 shares of the software maker's stock worth $54,000 after purchasing an additional 225 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Paylocity by 3.7% in the 4th quarter. HighTower Advisors LLC now owns 4,764 shares of the software maker's stock worth $950,000 after purchasing an additional 172 shares in the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Paylocity by 1.4% in the 4th quarter. King Luther Capital Management Corp now owns 10,292 shares of the software maker's stock worth $2,053,000 after purchasing an additional 143 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Paylocity by 46.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,598 shares of the software maker's stock worth $2,313,000 after purchasing an additional 3,677 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PCTY shares. Barclays increased their target price on Paylocity from $214.00 to $231.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Needham & Company LLC increased their price target on Paylocity from $220.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James reissued an "outperform" rating and issued a $265.00 price target (up from $215.00) on shares of Paylocity in a research report on Friday, February 7th. JMP Securities increased their price target on Paylocity from $250.00 to $270.00 and gave the company a "market outperform" rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group raised their target price on Paylocity from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $233.25.

Paylocity Price Performance

NASDAQ PCTY traded up $0.94 during trading hours on Wednesday, hitting $190.90. The company had a trading volume of 294,678 shares, compared to its average volume of 476,696. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $223.80. The firm has a 50 day simple moving average of $201.57 and a 200 day simple moving average of $190.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market capitalization of $10.67 billion, a price-to-earnings ratio of 48.95, a PEG ratio of 4.49 and a beta of 0.94.

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 research analysts expect that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

Insider Activity

In other news, Director Steven I. Sarowitz sold 3,083 shares of Paylocity stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $200.73, for a total transaction of $618,850.59. Following the completion of the sale, the director now owns 8,335,347 shares in the company, valued at approximately $1,673,154,203.31. This trade represents a 0.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders sold 7,083 shares of company stock worth $1,420,041. 21.91% of the stock is currently owned by insiders.

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.