Hilton Capital Management LLC Acquires Shares of 706 Paylocity Holding Corp (NASDAQ:PCTY)
Hilton Capital Management LLC acquired a new position in Paylocity Holding Corp (NASDAQ:PCTY) in the 1st quarter, Holdings Channel reports. The institutional investor acquired 706 shares of the software maker’s stock, valued at approximately $63,000.
Several other institutional investors and hedge funds have also recently modified their holdings of PCTY. FTB Advisors Inc. grew its holdings in shares of Paylocity by 25.1% in the fourth quarter. FTB Advisors Inc. now owns 642 shares of the software maker’s stock worth $38,000 after acquiring an additional 129 shares during the period. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Paylocity by 34.8% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 774 shares of the software maker’s stock worth $47,000 after acquiring an additional 200 shares during the period. O Shaughnessy Asset Management LLC bought a new stake in shares of Paylocity in the first quarter worth $61,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Paylocity by 23.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,141 shares of the software maker’s stock valued at $129,000 after purchasing an additional 407 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Paylocity during the first quarter valued at about $132,000. 64.23% of the stock is owned by institutional investors.
Shares of Paylocity stock opened at $94.87 on Friday. Paylocity Holding Corp has a 52 week low of $53.46 and a 52 week high of $103.80. The stock has a market capitalization of $5.06 billion, a PE ratio of 140.41, a price-to-earnings-growth ratio of 8.46 and a beta of 1.92.
Several research firms have issued reports on PCTY. Raymond James boosted their price target on Paylocity from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, May 17th. SunTrust Banks boosted their price target on Paylocity to $108.00 and gave the company a “positive” rating in a report on Friday, May 3rd. Craig Hallum reissued a “hold” rating and set a $97.00 price target (up previously from $78.00) on shares of Paylocity in a report on Friday, May 3rd. Jefferies Financial Group boosted their price target on Paylocity from $85.00 to $103.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Finally, KeyCorp began coverage on Paylocity in a report on Tuesday, April 16th. They set an “overweight” rating and a $104.00 price target for the company. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Paylocity has a consensus rating of “Buy” and an average price target of $90.50.
In other news, CEO Steven R. Beauchamp sold 55,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $96.40, for a total value of $5,302,000.00. Following the transaction, the chief executive officer now directly owns 1,881,682 shares in the company, valued at $181,394,144.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven I. Sarowitz sold 166,489 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $95.53, for a total value of $15,904,694.17. Following the completion of the transaction, the director now owns 14,569,464 shares in the company, valued at $1,391,820,895.92. The disclosure for this sale can be found here. Insiders sold 285,192 shares of company stock worth $27,120,606 over the last 90 days. Company insiders own 41.20% of the company’s stock.
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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