Riverbridge Partners LLC Trims Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Riverbridge Partners LLC decreased its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 721,522 shares of the software maker's stock after selling 50,827 shares during the quarter. Paylocity accounts for approximately 2.0% of Riverbridge Partners LLC's holdings, making the stock its 13th biggest position. Riverbridge Partners LLC owned approximately 1.29% of Paylocity worth $143,922,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Geode Capital Management LLC boosted its stake in Paylocity by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker's stock worth $173,053,000 after purchasing an additional 36,590 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Paylocity by 81.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker's stock worth $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Paylocity by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker's stock worth $85,444,000 after acquiring an additional 17,560 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker's stock worth $44,296,000 after acquiring an additional 123,744 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Paylocity by 435.2% during the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker's stock worth $43,676,000 after acquiring an additional 269,354 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Up 1.9 %

Shares of PCTY traded up $3.81 during midday trading on Thursday, reaching $201.55. 354,098 shares of the stock were exchanged, compared to its average volume of 492,653. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $215.68. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The company's 50 day moving average is $200.60 and its two-hundred day moving average is $175.97. The company has a market capitalization of $11.24 billion, a P/E ratio of 51.56, a PEG ratio of 4.83 and a beta of 0.93.

Insider Transactions at Paylocity

In related news, CFO Ryan Glenn sold 500 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $203.28, for a total transaction of $101,640.00. Following the sale, the chief financial officer now owns 52,134 shares of the company's stock, valued at $10,597,799.52. This trade represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven I. Sarowitz sold 2,600 shares of the firm's stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the sale, the director now directly owns 8,332,347 shares in the company, valued at approximately $1,667,635,928.58. The trade was a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,486 shares of company stock valued at $31,751,368. 21.91% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PCTY. Citigroup raised Paylocity from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $214.00 to $231.00 in a report on Thursday, January 16th. BMO Capital Markets upped their price objective on Paylocity from $175.00 to $203.00 and gave the stock an "outperform" rating in a report on Thursday, October 31st. Truist Financial upped their price objective on Paylocity from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, November 1st. Piper Sandler increased their price target on Paylocity from $172.00 to $212.00 and gave the company an "overweight" rating in a report on Thursday, October 31st. Finally, Barclays increased their price target on Paylocity from $174.00 to $180.00 and gave the company an "equal weight" rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $210.64.

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.