Washington Capital Management Inc. Sells 1,715 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Washington Capital Management Inc. trimmed its holdings in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 30.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,985 shares of the software maker's stock after selling 1,715 shares during the quarter. Washington Capital Management Inc.'s holdings in Paylocity were worth $795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the stock. CIBC Asset Management Inc grew its holdings in shares of Paylocity by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker's stock worth $273,000 after purchasing an additional 58 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker's stock valued at $49,000 after purchasing an additional 72 shares in the last quarter. Chicago Partners Investment Group LLC lifted its stake in shares of Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker's stock worth $395,000 after buying an additional 82 shares in the last quarter. Covestor Ltd increased its position in shares of Paylocity by 6.4% during the third quarter. Covestor Ltd now owns 1,373 shares of the software maker's stock valued at $227,000 after acquiring an additional 83 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker's stock worth $77,000 after acquiring an additional 116 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Citigroup upgraded shares of Paylocity from a "neutral" rating to a "buy" rating and upped their target price for the company from $214.00 to $231.00 in a research note on Thursday, January 16th. Barclays lifted their price objective on Paylocity from $174.00 to $180.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Needham & Company LLC reissued a "buy" rating and issued a $220.00 target price on shares of Paylocity in a research report on Wednesday, January 15th. Truist Financial lifted their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Friday, November 1st. Finally, Jefferies Financial Group lifted their target price on Paylocity from $215.00 to $240.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $210.64.

Insider Activity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the company's stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the sale, the director now directly owns 11,755 shares of the company's stock, valued at $2,310,445.25. This represents a 71.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Steven I. Sarowitz sold 2,600 shares of the business's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $200.14, for a total value of $520,364.00. Following the sale, the director now 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. Over the last ninety days, insiders have sold 157,486 shares of company stock valued at $31,751,368. Company insiders own 21.91% of the company's stock.

Paylocity Stock Down 0.5 %

Paylocity stock traded down $1.04 during midday trading on Thursday, hitting $202.42. 230,198 shares of the company were exchanged, compared to its average volume of 474,872. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The company has a market cap of $11.28 billion, a PE ratio of 51.73, a price-to-earnings-growth ratio of 4.84 and a beta of 0.93. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The company's fifty day moving average price is $201.39 and its 200-day moving average price is $178.43.

About Paylocity

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.