Bronte Capital Management Pty Ltd. Acquires Shares of 36,611 Paylocity Holding Corporation $PCTY

Bronte Capital Management Pty Ltd. bought a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,611 shares of the software maker’s stock, valued at approximately $3,955,000. Paylocity makes up 0.4% of Bronte Capital Management Pty Ltd.’s investment portfolio, making the stock its 27th largest holding.

Other hedge funds also recently made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Paylocity in the fourth quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Paylocity by 363.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 190 shares of the software maker’s stock valued at $29,000 after buying an additional 149 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Paylocity during the fourth quarter worth approximately $30,000. Advisory Services Network LLC acquired a new stake in Paylocity during the third quarter worth approximately $38,000. Finally, Parallel Advisors LLC increased its stake in Paylocity by 446.2% during the 4th quarter. Parallel Advisors LLC now owns 284 shares of the software maker’s stock worth $43,000 after acquiring an additional 232 shares during the period. 94.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PCTY shares. Wall Street Zen raised Paylocity from a “hold” rating to a “buy” rating in a report on Saturday, June 20th. Truist Financial reduced their target price on Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a report on Monday. Robert W. Baird set a $193.00 price target on Paylocity in a research report on Friday, May 8th. TD Cowen dropped their price target on Paylocity from $155.00 to $137.00 and set a “buy” rating for the company in a research note on Friday, June 26th. Finally, Citizens Jmp cut their price objective on shares of Paylocity from $170.00 to $150.00 and set a “market outperform” rating for the company in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $156.61.

Insider Activity

In other news, SVP Andrew Cappotelli sold 899 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $115.05, for a total value of $103,429.95. Following the completion of the transaction, the senior vice president directly owned 17,679 shares in the company, valued at approximately $2,033,968.95. This represents a 4.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 19.40% of the company’s stock.

Paylocity Stock Performance

Shares of Paylocity stock opened at $115.10 on Friday. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $197.78. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $6.16 billion, a P/E ratio of 24.54 and a beta of 0.52. The company’s 50 day moving average price is $108.05 and its two-hundred day moving average price is $118.27.

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.