Convergence Investment Partners LLC Invests $553,000 in Paylocity Holding Co. (NASDAQ:PCTY)

Convergence Investment Partners LLC bought a new position in Paylocity Holding Co. (NASDAQ:PCTY) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,773 shares of the software maker’s stock, valued at approximately $553,000.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Paylocity by 81.9% in 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 during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Paylocity by 283.8% in the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after purchasing an additional 229,057 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Paylocity by 297.6% in the third quarter. Victory Capital Management Inc. now owns 119,560 shares of the software maker’s stock worth $19,724,000 after purchasing an additional 89,487 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Paylocity by 113.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 96,406 shares of the software maker’s stock worth $15,904,000 after purchasing an additional 51,276 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Paylocity by 1,896.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 47,966 shares of the software maker’s stock worth $7,913,000 after buying an additional 45,564 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PCTY has been the subject of a number of recent analyst reports. Jefferies Financial Group boosted their target price on Paylocity from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. KeyCorp boosted their price objective on shares of Paylocity from $220.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Mizuho upgraded Paylocity from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $200.00 to $235.00 in a research note on Friday, January 31st. Barclays lifted their price objective on Paylocity from $214.00 to $231.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, BMO Capital Markets increased their target price on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $233.25.

Paylocity Trading Down 2.4 %

Paylocity stock opened at $212.68 on Thursday. The firm has a 50 day moving average of $202.69 and a 200 day moving average of $185.10. 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 firm has a market capitalization of $11.89 billion, a price-to-earnings ratio of 54.53, a P/E/G ratio of 4.72 and a beta of 0.95. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. As a group, research analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jeffrey T. Diehl sold 4,513 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $209.91, for a total transaction of $947,323.83. Following the completion of the transaction, the director now directly owns 1,003 shares of the company’s stock, valued at approximately $210,539.73. This trade represents a 81.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 2,600 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $200.14, for a total transaction of $520,364.00. Following the transaction, the director now directly owns 8,332,347 shares of the company’s stock, valued at $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 98,305 shares of company stock worth $20,130,202. 21.91% of the stock is owned by corporate 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.