Burney Co. Sells 121 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Burney Co. cut its stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 6.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,861 shares of the software maker’s stock after selling 121 shares during the period. Burney Co.’s holdings in Paylocity were worth $371,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCTY. CIBC Asset Management Inc increased its holdings in Paylocity by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after acquiring an additional 58 shares during the period. Chicago Partners Investment Group LLC increased its holdings in shares of Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock worth $395,000 after purchasing an additional 82 shares during the period. Covestor Ltd raised its position in shares of Paylocity by 6.4% in the third quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after buying an additional 83 shares in the last quarter. King Luther Capital Management Corp grew its position in Paylocity by 1.0% during the second quarter. King Luther Capital Management Corp now owns 9,981 shares of the software maker’s stock worth $1,316,000 after buying an additional 103 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Paylocity by 43.3% in the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after acquiring an additional 116 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Down 1.2 %

Shares of Paylocity stock opened at $197.00 on Friday. The company’s 50 day moving average price is $201.47 and its 200-day moving average price is $174.33. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $215.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 50.38, a P/E/G ratio of 4.69 and a beta of 0.93.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PCTY. Truist Financial lifted their price target on Paylocity from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, November 1st. Citigroup raised shares of Paylocity from a “neutral” rating to a “buy” rating and increased their price target for the stock from $214.00 to $231.00 in a report on Thursday. BMO Capital Markets lifted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Paylocity in a research note on Wednesday. Finally, Jefferies Financial Group lifted their price target on Paylocity from $215.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $210.64.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 2,600 shares of Paylocity stock in a transaction on Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the sale, the director now owns 8,332,347 shares in the company, valued at $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction 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 $2,828,605.86. This trade represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 157,486 shares of company stock valued at $31,751,368 in the last quarter. 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.