Handelsinvest Investeringsforvaltning Cuts Stock Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Handelsinvest Investeringsforvaltning trimmed its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 34.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,231 shares of the software maker’s stock after selling 640 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Paylocity were worth $212,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PCTY. Stifel Financial Corp boosted its holdings in shares of Paylocity by 5.4% during the third quarter. Stifel Financial Corp now owns 19,148 shares of the software maker’s stock worth $3,479,000 after purchasing an additional 974 shares during the period. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Paylocity by 43.4% during the third quarter. Schonfeld Strategic Advisors LLC now owns 14,000 shares of the software maker’s stock worth $2,544,000 after purchasing an additional 4,236 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Paylocity during the third quarter worth about $17,262,000. Kennedy Capital Management LLC boosted its holdings in shares of Paylocity by 5.5% during the third quarter. Kennedy Capital Management LLC now owns 51,903 shares of the software maker’s stock worth $9,431,000 after purchasing an additional 2,703 shares during the period. Finally, Seven Eight Capital LP boosted its holdings in shares of Paylocity by 4.9% during the third quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock worth $301,000 after purchasing an additional 78 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Down 0.1 %

Shares of PCTY opened at $132.13 on Thursday. The company has a market capitalization of $7.46 billion, a P/E ratio of 38.41, a price-to-earnings-growth ratio of 2.26 and a beta of 0.92. The firm has a 50 day moving average of $149.77 and a 200 day moving average of $159.66. Paylocity Holding Co. has a twelve month low of $129.94 and a twelve month high of $230.52.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.29. The company had revenue of $401.28 million during the quarter, compared to the consensus estimate of $396.93 million. Paylocity had a net margin of 14.42% and a return on equity of 22.08%. On average, sell-side analysts expect that Paylocity Holding Co. will post 3.95 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of Paylocity stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares of the company’s stock, valued at approximately $659,106.23. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 22.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. KeyCorp increased their target price on shares of Paylocity from $186.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Citigroup lowered their price objective on shares of Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a report on Tuesday, June 18th. TD Cowen lowered their price objective on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a report on Thursday, June 20th. Stifel Nicolaus lowered their price objective on shares of Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Finally, Jefferies Financial Group lowered their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a report on Monday, June 24th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $190.65.

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.