Pictet Asset Management Holding SA Cuts Position in Paylocity Holding Co. (NASDAQ:PCTY)

Pictet Asset Management Holding SA lessened its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 52.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 450,244 shares of the software maker's stock after selling 500,756 shares during the period. Pictet Asset Management Holding SA owned 0.81% of Paylocity worth $89,810,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PCTY. Certuity LLC acquired a new position in shares of Paylocity during the fourth quarter valued at approximately $232,000. Edgestream Partners L.P. increased its position in shares of Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker's stock worth $1,788,000 after purchasing an additional 7,475 shares in the last quarter. Barclays PLC raised its stake in Paylocity by 14.3% in the 3rd quarter. Barclays PLC now owns 44,897 shares of the software maker's stock valued at $7,407,000 after purchasing an additional 5,609 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker's stock valued at $1,165,000 after purchasing an additional 5,742 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Paylocity by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker's stock worth $46,592,000 after purchasing an additional 4,697 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Paylocity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the company's stock in a transaction 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 sale, the director now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.91% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PCTY. Barclays raised their price target on shares of Paylocity from $214.00 to $231.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Mizuho raised shares of Paylocity from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $200.00 to $235.00 in a research note on Friday, January 31st. TD Cowen dropped their price target on Paylocity from $235.00 to $228.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Stifel Nicolaus lifted their price objective on Paylocity from $220.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Piper Sandler reissued an "overweight" rating and set a $254.00 price objective (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Paylocity presently has an average rating of "Moderate Buy" and a consensus price target of $233.25.

Paylocity Trading Down 5.5 %

Paylocity stock traded down $10.49 during trading on Thursday, hitting $179.82. The company had a trading volume of 129,498 shares, compared to its average volume of 474,419. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company's 50 day simple moving average is $200.70 and its 200-day simple moving average is $193.15. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80. The stock has a market cap of $10.05 billion, a price-to-earnings ratio of 46.11, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) 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%. As a group, analysts expect that Paylocity Holding Co. will post 4.36 EPS 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.