M&T Bank Corp Sells 105 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

M&T Bank Corp reduced its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 6.8% during the third quarter, according to its most recent filing with the SEC. The fund owned 1,437 shares of the software maker’s stock after selling 105 shares during the quarter. M&T Bank Corp’s holdings in Paylocity were worth $237,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Liontrust Investment Partners LLP boosted its stake in Paylocity by 27.1% in the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after acquiring an additional 172,807 shares during the last quarter. Van Berkom & Associates Inc. lifted its stake in Paylocity by 20.5% in the second quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after purchasing an additional 98,478 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Paylocity by 3.5% during the third 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 during the period. Bank of New York Mellon Corp increased its position in Paylocity by 4.7% in the second quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after buying an additional 21,127 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Paylocity by 58.3% in the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after buying an additional 123,744 shares during the period. Institutional investors own 94.76% of the company’s stock.

Paylocity Trading Up 0.9 %

Shares of PCTY stock opened at $196.20 on Friday. The business has a 50-day moving average price of $194.82 and a two-hundred day moving average price of $165.46. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month 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 firm has a market cap of $10.94 billion, a P/E ratio of 50.18, a price-to-earnings-growth ratio of 4.93 and a beta of 0.92.

Insiders Place Their Bets

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 11,755 shares of the company’s stock, valued at approximately $2,310,445.25. This trade represents a 71.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Rachit Lohani sold 658 shares of Paylocity stock in a transaction dated 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 position. The disclosure for this sale can be found here. Insiders sold a total of 151,193 shares of company stock valued at $30,460,258 over the last quarter. 21.91% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on PCTY shares. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. BMO Capital Markets raised their target price on Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Jefferies Financial Group upped 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. Truist Financial boosted their price objective on shares of Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Mizuho raised 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, December 13th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and an average target price of $205.71.

Paylocity 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.