Paylocity Holding Co. (NASDAQ:PCTY) Shares Purchased by Merit Financial Group LLC

Merit Financial Group LLC raised its holdings in Paylocity Holding Co. (NASDAQ:PCTY) by 4.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 26,827 shares of the software maker’s stock after buying an additional 1,209 shares during the quarter. Merit Financial Group LLC’s holdings in Paylocity were worth $5,351,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in PCTY. Park Avenue Securities LLC lifted its stake in shares of Paylocity by 63.3% in the fourth quarter. Park Avenue Securities LLC now owns 5,590 shares of the software maker’s stock valued at $1,115,000 after purchasing an additional 2,167 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of Paylocity during the 4th quarter worth approximately $1,237,000. Everence Capital Management Inc. acquired a new stake in shares of Paylocity in the 4th quarter worth approximately $231,000. 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 valued at $77,000 after purchasing an additional 116 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock worth $141,303,000 after purchasing an additional 385,625 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PCTY has been the subject of a number of research analyst reports. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and raised their price target for the company from $214.00 to $231.00 in a research report on Thursday. StockNews.com upgraded shares of Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Piper Sandler lifted their price objective on Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research report on Thursday, October 31st. KeyCorp upped their target price on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Barclays boosted their price target on Paylocity from $174.00 to $180.00 and gave the stock an “equal weight” rating in a report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $210.64.

Insider Buying and Selling at Paylocity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of Paylocity stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total value of $5,819,059.30. Following the transaction, the director now directly owns 11,755 shares of the company’s stock, valued at $2,310,445.25. The trade was a 71.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven I. Sarowitz sold 15,444 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $195.43, for a total transaction of $3,018,220.92. Following the sale, the director now directly owns 9,272,906 shares of the company’s stock, valued at approximately $1,812,204,019.58. This trade represents a 0.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 157,486 shares of company stock worth $31,751,368 in the last quarter. 21.91% of the stock is owned by insiders.

Paylocity Price Performance

Paylocity stock opened at $197.00 on Friday. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year 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 firm has a 50 day moving average price of $201.47 and a 200 day moving average price of $174.62. The company has a market cap of $10.98 billion, a price-to-earnings ratio of 50.38, a PEG ratio of 4.69 and a beta of 0.93.

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.