AQR Capital Management LLC Reduces Position in Paylocity Holding Co. (NASDAQ:PCTY)

AQR Capital Management LLC lowered its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 10.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 5,957 shares of the software maker’s stock after selling 722 shares during the period. AQR Capital Management LLC’s holdings in Paylocity were worth $785,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Rothschild Investment LLC acquired a new stake in Paylocity during the 2nd quarter worth about $40,000. J.Safra Asset Management Corp lifted its holdings in shares of Paylocity by 80.0% during the first quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock worth $42,000 after purchasing an additional 108 shares during the period. GAMMA Investing LLC boosted its position in Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after buying an additional 78 shares during the last quarter. RiverPark Advisors LLC increased its holdings in Paylocity by 152.0% in the 1st quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after buying an additional 231 shares during the period. Finally, Versant Capital Management Inc purchased a new position in Paylocity during the 2nd quarter worth approximately $66,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PCTY. Jefferies Financial Group cut their price objective on shares of Paylocity from $180.00 to $145.00 and set a “hold” rating on the stock in a research note on Monday, June 24th. JMP Securities reissued a “market outperform” rating and issued a $250.00 price objective on shares of Paylocity in a report on Monday, August 5th. Piper Sandler dropped their target price on Paylocity from $194.00 to $172.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Robert W. Baird decreased their price target on Paylocity from $225.00 to $195.00 and set an “outperform” rating for the company in a report on Tuesday, June 18th. Finally, Citigroup lowered their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 18th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $181.07.

Paylocity Trading Up 1.1 %

Shares of Paylocity stock opened at $164.51 on Friday. Paylocity Holding Co. has a twelve month low of $129.94 and a twelve month high of $205.66. The firm’s 50-day moving average price is $159.18 and its 200 day moving average price is $154.46. The firm has a market capitalization of $9.28 billion, a PE ratio of 47.82, a P/E/G ratio of 3.96 and a beta of 0.95.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (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 firm had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the company posted $0.76 earnings per share. The business’s revenue was up 15.8% on a year-over-year basis. On average, sell-side analysts predict that Paylocity Holding Co. will post 4.51 EPS for the current fiscal year.

Insider Transactions at Paylocity

In related news, SVP Rachit Lohani sold 658 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at approximately $6,474,772.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Steven R. Beauchamp sold 49,442 shares of the company’s 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 sale, the chief executive officer now owns 1,745,022 shares of the company’s stock, valued at approximately $248,979,738.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total transaction of $107,142.14. Following the transaction, the senior vice president now directly owns 39,764 shares in the company, valued at $6,474,772.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,632 shares of company stock valued at $7,379,399 over the last 90 days. 22.50% of the stock is currently owned by corporate insiders.

Paylocity 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.