Fred Alger Management LLC Boosts Stock Position in Paylocity Holding Co. (NASDAQ:PCTY)

Fred Alger Management LLC boosted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 4.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,723 shares of the software maker’s stock after acquiring an additional 2,717 shares during the quarter. Fred Alger Management LLC owned 0.11% of Paylocity worth $8,006,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Rothschild Investment LLC purchased a new position in shares of Paylocity in the second quarter valued at approximately $40,000. J.Safra Asset Management Corp boosted its position in Paylocity by 80.0% in the 1st quarter. J.Safra Asset Management Corp now owns 243 shares of the software maker’s stock valued at $42,000 after buying an additional 108 shares during the period. GAMMA Investing LLC grew its stake in shares of Paylocity by 34.7% in the first quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock worth $52,000 after acquiring an additional 78 shares in the last quarter. RiverPark Advisors LLC increased its position in shares of Paylocity by 152.0% during the first quarter. RiverPark Advisors LLC now owns 383 shares of the software maker’s stock worth $66,000 after acquiring an additional 231 shares during the period. Finally, Versant Capital Management Inc acquired a new stake in shares of Paylocity in the second quarter valued at $66,000. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Price Performance

Shares of PCTY opened at $161.58 on Thursday. The firm has a fifty day moving average price of $155.01 and a 200 day moving average price of $154.72. The stock has a market cap of $8.98 billion, a PE ratio of 46.97, 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.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.19. The business had revenue of $357.30 million during the quarter, compared to the consensus estimate of $350.29 million. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The business’s quarterly revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 EPS. As a group, equities analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current fiscal year.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. TD Cowen lowered their target price on Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research note on Thursday, June 20th. JMP Securities reissued a “market outperform” rating and set a $250.00 price objective on shares of Paylocity in a research report on Monday, August 5th. Robert W. Baird reduced their target price on shares of Paylocity from $225.00 to $195.00 and set an “outperform” rating on the stock in a report on Tuesday, June 18th. KeyCorp lowered their price target on shares of Paylocity from $200.00 to $171.00 and set an “overweight” rating for the company in a report on Friday, July 19th. Finally, Barclays dropped their price objective on shares of Paylocity from $160.00 to $156.00 and set an “equal weight” rating on the stock in a research report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.13.

Paylocity Company 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.