Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 98.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,771 shares of the software maker’s stock after purchasing an additional 7,828 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Paylocity were worth $2,600,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PCTY. Louisiana State Employees Retirement System purchased a new stake in Paylocity in the 4th quarter valued at $1,995,000. WCM Investment Management LLC purchased a new stake in shares of Paylocity in the fourth quarter valued at about $499,000. Shaker Investments LLC OH raised its holdings in shares of Paylocity by 0.3% in the fourth quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock valued at $3,902,000 after buying an additional 77 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of Paylocity by 51.2% during the fourth quarter. Cerity Partners LLC now owns 2,198 shares of the software maker’s stock worth $362,000 after buying an additional 744 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Paylocity during the fourth quarter worth about $82,172,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Price Performance

NASDAQ PCTY opened at $158.88 on Wednesday. The business has a 50 day moving average price of $168.25 and a 200 day moving average price of $165.49. The company has a market capitalization of $8.95 billion, a P/E ratio of 53.68, a PEG ratio of 3.46 and a beta of 0.87. Paylocity Holding Co. has a 1-year low of $139.40 and a 1-year high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.08. Paylocity had a return on equity of 21.37% and a net margin of 12.96%. The business had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. On average, research analysts expect that Paylocity Holding Co. will post 3.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on PCTY shares. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Friday, February 9th. Truist Financial lowered their price objective on shares of Paylocity from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, February 9th. Mizuho cut their price objective on shares of Paylocity from $170.00 to $155.00 and set a “neutral” rating for the company in a research report on Friday, February 9th. KeyCorp lowered their target price on shares of Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a report on Friday, February 9th. Finally, Citigroup boosted their price target on shares of Paylocity from $180.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 31st. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and an average price target of $205.13.

Insiders Place Their Bets

In other news, CEO Steven R. Beauchamp sold 7,760 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $166.95, for a total value of $1,295,532.00. Following the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jeffrey T. Diehl sold 1,760 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $171.64, for a total value of $302,086.40. Following the completion of the transaction, the director now owns 14,704 shares of the company’s stock, valued at approximately $2,523,794.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven R. Beauchamp sold 7,760 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $166.95, for a total transaction of $1,295,532.00. Following the sale, the chief executive officer now directly owns 1,746,468 shares in the company, valued at $291,572,832.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,547 shares of company stock worth $9,356,359. Insiders own 22.50% of the company’s stock.

Paylocity Profile

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.