Deutsche Bank AG cut its stake in Paylocity Holding Corp (NASDAQ:PCTY) by 17.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,952 shares of the software maker’s stock after selling 42,485 shares during the period. Deutsche Bank AG owned approximately 0.37% of Paylocity worth $11,797,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in shares of Paylocity during the third quarter valued at $229,000. Wells Fargo & Company MN boosted its holdings in shares of Paylocity by 6.4% during the third quarter. Wells Fargo & Company MN now owns 14,809 shares of the software maker’s stock valued at $1,189,000 after acquiring an additional 886 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Paylocity by 23.0% during the third quarter. JPMorgan Chase & Co. now owns 14,041 shares of the software maker’s stock valued at $1,128,000 after acquiring an additional 2,627 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Paylocity by 49.7% during the third quarter. Prudential Financial Inc. now owns 5,390 shares of the software maker’s stock valued at $433,000 after acquiring an additional 1,790 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Paylocity by 6.7% during the third quarter. Bank of New York Mellon Corp now owns 307,932 shares of the software maker’s stock valued at $24,733,000 after acquiring an additional 19,459 shares during the period. 65.29% of the stock is owned by hedge funds and other institutional investors.
Paylocity stock traded down $0.11 during midday trading on Thursday, hitting $95.49. The company’s stock had a trading volume of 346,300 shares, compared to its average volume of 287,400. Paylocity Holding Corp has a 12 month low of $52.93 and a 12 month high of $99.80. The stock has a market cap of $4.89 billion, a PE ratio of 308.03, a price-to-earnings-growth ratio of 9.11 and a beta of 2.07.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Paylocity from a “hold” rating to a “buy” rating and set a $96.00 price target for the company in a report on Monday, April 8th. ValuEngine upgraded shares of Paylocity from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 4th. Craig Hallum restated a “hold” rating and set a $97.00 price objective (up from $78.00) on shares of Paylocity in a research note on Friday, May 3rd. BidaskClub upgraded shares of Paylocity from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 25th. Finally, Bank of America lifted their price objective on shares of Paylocity from $80.00 to $89.00 and gave the company a “buy” rating in a research note on Thursday, February 7th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Paylocity presently has an average rating of “Buy” and a consensus target price of $88.57.
In other Paylocity news, Director Steven I. Sarowitz sold 72,500 shares of the business’s stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $81.04, for a total transaction of $5,875,400.00. Following the sale, the director now owns 14,735,730 shares in the company, valued at approximately $1,194,183,559.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Edward W. Gaty sold 11,281 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $87.00, for a total value of $981,447.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,048,970 shares of company stock worth $91,416,313. 41.20% of the stock is owned by company insiders.
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Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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