M&T Bank Corp Increases Position in Paylocity Holding Co. (NASDAQ:PCTY)

M&T Bank Corp grew its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 22.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,765 shares of the software maker’s stock after buying an additional 328 shares during the period. M&T Bank Corp’s holdings in Paylocity were worth $352,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Victory Capital Management Inc. boosted its holdings in shares of Paylocity by 32.2% in the 4th quarter. Victory Capital Management Inc. now owns 158,013 shares of the software maker’s stock valued at $31,519,000 after buying an additional 38,453 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Paylocity by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,556 shares of the software maker’s stock valued at $56,960,000 after buying an additional 3,130 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Paylocity by 29.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock valued at $55,000 after buying an additional 63 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Paylocity in the 4th quarter valued at $29,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Paylocity by 253.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 980 shares of the software maker’s stock valued at $196,000 after buying an additional 703 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY opened at $186.24 on Friday. The company has a 50-day simple moving average of $201.95 and a 200-day simple moving average of $190.03. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $10.41 billion, a PE ratio of 47.75, a P/E/G ratio of 4.49 and a beta of 0.94. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $223.80.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (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 22.45%. Equities research analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Insider Activity

In other Paylocity news, Director Steven I. Sarowitz sold 11,473 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $203.37, for a total transaction of $2,333,264.01. Following the completion of the transaction, the director now directly owns 8,344,545 shares in the company, valued at approximately $1,697,030,116.65. This trade represents a 0.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 18,566 shares of company stock worth $3,755,321 in the last 90 days. 21.91% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PCTY has been the subject of several research analyst reports. JMP Securities upped their target price on shares of Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and set a $254.00 price target (up previously from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Stifel Nicolaus increased their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Raymond James reiterated an “outperform” rating and set a $265.00 price target (up previously from $215.00) on shares of Paylocity in a research note on Friday, February 7th. Finally, Jefferies Financial Group increased their price target on shares of Paylocity from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.

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.