Fred Alger Management LLC Sells 32,529 Shares of Paylocity Holding Corporation $PCTY

Fred Alger Management LLC decreased its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 41.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 45,134 shares of the software maker’s stock after selling 32,529 shares during the period. Fred Alger Management LLC’s holdings in Paylocity were worth $7,188,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. ProShare Advisors LLC grew its position in Paylocity by 3.3% during the 2nd quarter. ProShare Advisors LLC now owns 2,055 shares of the software maker’s stock worth $372,000 after acquiring an additional 65 shares during the last quarter. Federated Hermes Inc. raised its position in Paylocity by 1.6% in the 3rd quarter. Federated Hermes Inc. now owns 4,848 shares of the software maker’s stock valued at $772,000 after purchasing an additional 78 shares during the last quarter. SBI Securities Co. Ltd. boosted its stake in Paylocity by 47.4% in the second quarter. SBI Securities Co. Ltd. now owns 252 shares of the software maker’s stock worth $46,000 after purchasing an additional 81 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Paylocity by 2.5% in the third quarter. PNC Financial Services Group Inc. now owns 3,313 shares of the software maker’s stock worth $528,000 after purchasing an additional 81 shares in the last quarter. Finally, MGO One Seven LLC grew its holdings in shares of Paylocity by 4.7% during the third quarter. MGO One Seven LLC now owns 2,010 shares of the software maker’s stock worth $320,000 after purchasing an additional 90 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

Paylocity Trading Up 0.6%

Shares of PCTY opened at $110.00 on Tuesday. The stock’s fifty day simple moving average is $124.54 and its 200-day simple moving average is $143.56. The firm has a market capitalization of $5.93 billion, a PE ratio of 25.88, a price-to-earnings-growth ratio of 3.14 and a beta of 0.58. Paylocity Holding Corporation has a 12-month low of $100.50 and a 12-month high of $201.97. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.28. The firm had revenue of $416.13 million during the quarter, compared to analyst estimates of $408.37 million. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The company’s revenue was up 10.4% on a year-over-year basis. During the same period last year, the company earned $1.52 earnings per share. As a group, research analysts predict that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PCTY. Robert W. Baird set a $220.00 price target on Paylocity in a report on Friday, February 6th. Weiss Ratings lowered shares of Paylocity from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, January 27th. Jefferies Financial Group lowered their price objective on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating for the company in a research report on Friday, February 6th. TD Cowen reaffirmed a “buy” rating on shares of Paylocity in a research note on Friday, February 6th. Finally, BTIG Research reduced their target price on shares of Paylocity from $180.00 to $150.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Paylocity currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.05.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.