RK Asset Management LLC Cuts Stake in Paylocity Holding Co. (NASDAQ:PCTY)

RK Asset Management LLC cut its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,345 shares of the software maker’s stock after selling 1,046 shares during the period. Paylocity makes up about 5.1% of RK Asset Management LLC’s investment portfolio, making the stock its 8th largest holding. RK Asset Management LLC’s holdings in Paylocity were worth $6,252,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PCTY. Geode Capital Management LLC boosted its stake in Paylocity by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after purchasing an additional 36,590 shares in the last quarter. JPMorgan Chase & Co. raised its position in Paylocity by 81.9% in the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after acquiring an additional 385,625 shares in the last quarter. Van Berkom & Associates Inc. lifted its holdings in Paylocity by 20.5% in the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after acquiring an additional 98,478 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Paylocity by 3.5% during the 3rd quarter. Janus Henderson Group PLC now owns 517,931 shares of the software maker’s stock valued at $85,444,000 after purchasing an additional 17,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Paylocity by 58.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock worth $44,296,000 after purchasing an additional 123,744 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PCTY has been the topic of several recent research reports. Truist Financial lifted their price target on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. BMO Capital Markets boosted their target price on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Jefferies Financial Group increased their price target on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, December 9th. TD Cowen upped their price objective on shares of Paylocity from $208.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Piper Sandler lifted their target price on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.71.

Paylocity Price Performance

PCTY traded up $4.16 during midday trading on Friday, reaching $199.23. 215,840 shares of the company’s stock were exchanged, compared to its average volume of 228,820. Paylocity Holding Co. has a one year low of $129.94 and a one year high of $215.68. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $200.48 and a two-hundred day simple moving average of $169.61. The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of 50.95, a price-to-earnings-growth ratio of 4.93 and a beta of 0.92.

Insider Buying and Selling at Paylocity

In related news, Director Jeffrey T. Diehl sold 29,606 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the sale, the director now directly owns 11,755 shares of the company’s stock, valued at $2,310,445.25. This trade represents a 71.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total value of $47,742.63. Following the completion of the transaction, the senior vice president now owns 14,634 shares of the company’s stock, valued at approximately $2,828,605.86. The trade was a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 157,486 shares of company stock worth $31,751,368 over the last three months. Company insiders own 21.91% of the company’s stock.

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.