Lord Abbett & CO. LLC Buys 8,878 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Lord Abbett & CO. LLC boosted its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 287,264 shares of the software maker’s stock after acquiring an additional 8,878 shares during the period. Lord Abbett & CO. LLC’s holdings in Paylocity were worth $47,389,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in shares of Paylocity by 1,650.0% in the third quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in Paylocity in the 3rd quarter worth $39,000. Rothschild Investment LLC bought a new stake in Paylocity during the second quarter valued at about $40,000. Signaturefd LLC lifted its position in shares of Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock valued at $50,000 after acquiring an additional 167 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Paylocity by 149.2% in the third quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after acquiring an additional 185 shares during the period. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Insider Activity

In related news, CAO Nicholas Rost sold 212 shares of Paylocity stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $193.29, for a total transaction of $40,977.48. Following the completion of the transaction, the chief accounting officer now directly owns 7,364 shares of the company’s stock, valued at approximately $1,423,387.56. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven I. Sarowitz sold 10,237 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $210.10, for a total transaction of $2,150,793.70. Following the completion of the sale, the director now directly owns 9,214,115 shares in the company, valued at $1,935,885,561.50. This trade represents a 0.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,089 shares of company stock valued at $25,991,644. 21.91% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Needham & Company LLC lifted their target price on Paylocity from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. TD Cowen boosted their target price on shares of Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Truist Financial upped their target price 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. Mizuho lifted their price target on shares of Paylocity from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Friday. Finally, BMO Capital Markets increased their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Paylocity has an average rating of “Moderate Buy” and an average target price of $205.71.

Paylocity Trading Down 2.2 %

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

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.