Empowered Funds LLC Raises Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Empowered Funds LLC grew its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 31.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,571 shares of the software maker’s stock after purchasing an additional 2,776 shares during the quarter. Empowered Funds LLC’s holdings in Paylocity were worth $2,308,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PCTY. Geode Capital Management LLC raised its holdings in shares of Paylocity by 3.6% in the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after acquiring an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Paylocity by 3.5% in the third quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after acquiring an additional 17,560 shares in the last quarter. Point72 Asset Management L.P. raised its holdings 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 valued at $51,101,000 after acquiring an additional 229,057 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Paylocity by 3.2% in the third quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker’s stock valued at $47,389,000 after acquiring an additional 8,878 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $216.96 on Friday. The business’s 50 day moving average price is $201.72 and its 200 day moving average price is $183.04. The firm has a market cap of $12.13 billion, a P/E ratio of 55.63, a P/E/G ratio of 5.19 and a beta of 0.95. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $223.80. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.93%. On average, sell-side analysts expect that Paylocity Holding Co. will post 4.46 earnings per share for the current year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 10,237 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total value of $2,150,793.70. Following the sale, the director now owns 9,214,115 shares in the company, valued at approximately $1,935,885,561.50. This represents a 0.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the sale, the senior vice president now owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 126,434 shares of company stock worth $25,636,985 over the last quarter. Insiders own 21.91% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PCTY. Piper Sandler restated an “overweight” rating and issued a $254.00 price objective (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. Barclays boosted their target price on shares of Paylocity from $214.00 to $231.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. UBS Group boosted their target price on shares of Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. KeyCorp boosted their target price on shares of Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Mizuho upgraded shares of Paylocity from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $200.00 to $235.00 in a report on Friday, January 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $233.25.

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.