Point72 DIFC Ltd Invests $1.10 Million in Paylocity Holding Co. (NASDAQ:PCTY)

Point72 DIFC Ltd bought a new stake in Paylocity Holding Co. (NASDAQ:PCTY) in the second quarter, HoldingsChannel reports. The fund bought 8,304 shares of the software maker’s stock, valued at approximately $1,095,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Paylocity by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 208,662 shares of the software maker’s stock valued at $34,401,000 after purchasing an additional 11,962 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Paylocity by 36.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 5,635 shares of the software maker’s stock worth $929,000 after buying an additional 1,500 shares during the period. Norges Bank purchased a new position in shares of Paylocity in the 4th quarter worth $9,643,000. Wells Fargo & Company MN boosted its holdings in Paylocity by 274.8% in the fourth quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock valued at $10,717,000 after acquiring an additional 47,663 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Paylocity during the fourth quarter valued at about $163,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Buying and Selling at Paylocity

In other news, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the completion of the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Ryan Glenn sold 1,400 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the transaction, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steven R. Beauchamp sold 49,442 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total transaction of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. 22.50% of the stock is owned by insiders.

Paylocity Stock Performance

Shares of Paylocity stock opened at $165.41 on Wednesday. The firm has a market cap of $9.19 billion, a PE ratio of 48.08, a price-to-earnings-growth ratio of 3.98 and a beta of 0.94. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $206.28. The firm’s 50-day simple moving average is $154.78 and its 200-day simple moving average is $154.68.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The company had revenue of $357.30 million for the quarter, compared to the consensus estimate of $350.29 million. During the same quarter last year, the business posted $0.76 EPS. Paylocity’s quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities analysts predict that Paylocity Holding Co. will post 4.51 earnings per share for the current year.

Analysts Set New Price Targets

PCTY has been the topic of several research analyst reports. Citigroup reduced their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 18th. KeyCorp reduced their price target on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research report on Friday, July 19th. TD Cowen dropped their price objective on shares of Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 20th. JMP Securities restated a “market outperform” rating and set a $250.00 target price on shares of Paylocity in a report on Monday, August 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $200.00 price target on shares of Paylocity in a report on Thursday, September 5th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.13.

About Paylocity

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.