Adage Capital Partners GP L.L.C. Buys New Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Adage Capital Partners GP L.L.C. purchased a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTYFree Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 95,000 shares of the software maker’s stock, valued at approximately $17,262,000. Adage Capital Partners GP L.L.C. owned approximately 0.17% of Paylocity as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Coppell Advisory Solutions Corp. purchased a new stake in shares of Paylocity in the fourth quarter valued at $44,000. RiverPark Advisors LLC purchased a new position in Paylocity during the 3rd quarter valued at $43,000. Advisors Asset Management Inc. grew its holdings in shares of Paylocity by 89.6% in the third quarter. Advisors Asset Management Inc. now owns 237 shares of the software maker’s stock worth $43,000 after purchasing an additional 112 shares during the last quarter. Benjamin Edwards Inc. purchased a new position in shares of Paylocity during the second quarter worth approximately $47,000. Finally, UniSuper Management Pty Ltd purchased a new position in Paylocity during the 2nd quarter worth $55,000. Institutional investors own 73.65% of the company’s stock.

Insider Buying and Selling

In other Paylocity news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $175.47, for a total value of $4,299,716.88. Following the sale, the director now directly owns 9,587,872 shares of the company’s stock, valued at approximately $1,682,383,899.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Steven I. Sarowitz sold 24,504 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $175.47, for a total value of $4,299,716.88. Following the transaction, the director now owns 9,587,872 shares in the company, valued at approximately $1,682,383,899.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $163.47, for a total value of $228,858.00. Following the sale, the chief financial officer now directly owns 34,152 shares in the company, valued at approximately $5,582,827.44. The disclosure for this sale can be found here. Insiders sold 34,155 shares of company stock valued at $5,906,737 in the last three months. 22.50% of the stock is owned by corporate insiders.

Paylocity Stock Performance

NASDAQ PCTY opened at $166.34 on Friday. Paylocity Holding Co. has a one year low of $139.40 and a one year high of $230.52. The firm has a 50 day simple moving average of $163.93 and a 200-day simple moving average of $171.73. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 56.20, a PEG ratio of 3.61 and a beta of 0.87.

Paylocity (NASDAQ:PCTYGet Free Report) last issued its quarterly earnings results on Thursday, February 8th. The software maker reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. Paylocity had a net margin of 12.96% and a return on equity of 21.37%. The company had revenue of $326.36 million during the quarter, compared to analysts’ expectations of $324.34 million. Equities analysts predict that Paylocity Holding Co. will post 3.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citigroup upped their price objective 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. KeyCorp cut their price target on Paylocity from $197.00 to $186.00 and set an “overweight” rating on the stock in a report on Friday, February 9th. StockNews.com downgraded Paylocity from a “buy” rating to a “hold” rating in a research report on Wednesday, November 29th. Piper Sandler increased their price target on shares of Paylocity from $207.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, February 9th. Finally, Needham & Company LLC reissued a “buy” rating and set a $200.00 target price on shares of Paylocity in a research report on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $207.47.

Get Our Latest Research Report on PCTY

Paylocity Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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