Orion Portfolio Solutions LLC Trims Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

Orion Portfolio Solutions LLC cut its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 5.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,023 shares of the software maker’s stock after selling 475 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Paylocity were worth $1,324,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in shares of Paylocity by 16,397.9% in the third quarter. International Assets Investment Management LLC now owns 7,754 shares of the software maker’s stock valued at $1,279,000 after purchasing an additional 7,707 shares in the last quarter. Edgestream Partners L.P. grew its position in Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock worth $1,788,000 after buying an additional 7,475 shares in the last quarter. Qsemble Capital Management LP purchased a new position in Paylocity during the second quarter worth about $842,000. Quest Partners LLC grew its position in Paylocity by 82,275.0% during the second quarter. Quest Partners LLC now owns 6,590 shares of the software maker’s stock worth $869,000 after buying an additional 6,582 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in Paylocity by 21.6% during the second quarter. Oppenheimer Asset Management Inc. now owns 58,087 shares of the software maker’s stock worth $7,659,000 after buying an additional 10,323 shares in the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Down 2.2 %

Shares of NASDAQ:PCTY opened at $200.17 on Friday. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $215.68. The company has a market cap of $11.16 billion, a PE ratio of 51.19, a P/E/G ratio of 5.00 and a beta of 0.92. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The stock’s 50-day moving average is $191.97 and its 200 day moving average is $164.10.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PCTY. Needham & Company LLC boosted their target price on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. TD Cowen lifted their price target on Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Piper Sandler lifted their price target on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Finally, BMO Capital Markets lifted their price target on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Paylocity presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.71.

Insider Activity at Paylocity

In other Paylocity news, SVP Rachit Lohani sold 658 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the transaction, the senior vice president now owns 39,764 shares in the company, valued at approximately $6,474,772.12. This represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven I. Sarowitz sold 13,689 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $203.29, for a total value of $2,782,836.81. Following the transaction, the director now directly owns 8,385,954 shares of the company’s stock, valued at $1,704,780,588.66. This represents a 0.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 129,089 shares of company stock worth $25,991,644 in the last 90 days. Company insiders own 21.91% of the company’s stock.

About Paylocity

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.