Renaissance Technologies LLC Reduces Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Renaissance Technologies LLC lessened its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 42.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,700 shares of the software maker's stock after selling 68,300 shares during the period. Renaissance Technologies LLC owned about 0.16% of Paylocity worth $18,291,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PCTY. Invesco Ltd. grew its holdings in Paylocity by 31.7% during the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after buying an additional 320,319 shares in the last quarter. FMR LLC boosted its stake in shares of Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after buying an additional 377,835 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Paylocity by 7.6% during the 4th quarter. Federated Hermes Inc. now owns 4,955 shares of the software maker's stock valued at $988,000 after acquiring an additional 348 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Paylocity by 7.1% in the 4th quarter. Russell Investments Group Ltd. now owns 34,625 shares of the software maker's stock worth $6,907,000 after purchasing an additional 2,308 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Paylocity by 2.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 130,947 shares of the software maker's stock valued at $26,120,000 after acquiring an additional 3,104 shares during the period. Institutional investors and hedge funds own 94.76% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Piper Sandler restated an "overweight" rating and set a $254.00 target price (up previously from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. StockNews.com lowered Paylocity from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. KeyCorp boosted their price objective on Paylocity from $220.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, February 7th. JMP Securities upped their price objective on shares of Paylocity from $250.00 to $270.00 and gave the company a "market outperform" rating in a research note on Friday, February 7th. Finally, Barclays raised their target price on Paylocity from $214.00 to $231.00 and gave the stock an "equal weight" rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, Paylocity presently has a consensus rating of "Moderate Buy" and a consensus price target of $229.82.

Paylocity Trading Up 0.1 %

Shares of NASDAQ:PCTY traded up $0.23 on Friday, hitting $183.98. 260,735 shares of the company's stock were exchanged, compared to its average volume of 480,927. 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 stock has a market capitalization of $10.28 billion, a price-to-earnings ratio of 47.17, a price-to-earnings-growth ratio of 4.49 and a beta of 0.76. The business's 50 day simple moving average is $194.20 and its two-hundred day simple moving average is $194.49. Paylocity Holding Co. has a 12 month low of $129.94 and a 12 month high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts' consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. Analysts anticipate that Paylocity Holding Co. will post 4.36 EPS for the current fiscal year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares in the company, valued at approximately $81,862,200. This represents a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.