State of Michigan Retirement System Grows Position in Paylocity Holding Co. (NASDAQ:PCTY)

State of Michigan Retirement System lifted its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 2.9% in the first quarter, HoldingsChannel.com reports. The firm owned 10,672 shares of the software maker’s stock after acquiring an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Paylocity were worth $1,834,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Avior Wealth Management LLC grew its holdings in shares of Paylocity by 2.4% during the 4th quarter. Avior Wealth Management LLC now owns 3,223 shares of the software maker’s stock worth $531,000 after purchasing an additional 76 shares during the period. Shaker Investments LLC OH grew its holdings in shares of Paylocity by 0.3% during the 4th quarter. Shaker Investments LLC OH now owns 23,672 shares of the software maker’s stock worth $3,902,000 after purchasing an additional 77 shares during the period. Seven Eight Capital LP boosted its holdings in Paylocity by 4.9% during the 3rd quarter. Seven Eight Capital LP now owns 1,658 shares of the software maker’s stock valued at $301,000 after acquiring an additional 78 shares during the period. GAMMA Investing LLC boosted its holdings in Paylocity by 34.7% during the 1st quarter. GAMMA Investing LLC now owns 303 shares of the software maker’s stock valued at $52,000 after acquiring an additional 78 shares during the period. Finally, Parkside Financial Bank & Trust boosted its holdings in Paylocity by 8.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,246 shares of the software maker’s stock valued at $205,000 after acquiring an additional 96 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Down 0.1 %

PCTY stock opened at $132.13 on Friday. The business has a 50 day moving average price of $149.28 and a 200 day moving average price of $159.47. The stock has a market cap of $7.46 billion, a price-to-earnings ratio of 38.41, a PEG ratio of 2.26 and a beta of 0.92. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $230.52.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, May 2nd. The software maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.29. The firm had revenue of $401.28 million during the quarter, compared to analysts’ expectations of $396.93 million. Paylocity had a return on equity of 22.08% and a net margin of 14.42%. As a group, sell-side analysts anticipate that Paylocity Holding Co. will post 3.95 EPS for the current year.

Insider Buying and Selling at Paylocity

In other Paylocity news, CAO Nicholas Rost sold 331 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total value of $45,919.63. Following the completion of the sale, the chief accounting officer now owns 4,751 shares in the company, valued at $659,106.23. The sale was disclosed in a document filed with the SEC, which is available through this link. 22.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PCTY shares. Citigroup lowered their target price on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a report on Tuesday, June 18th. Barclays raised their target price on Paylocity from $166.00 to $178.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Stifel Nicolaus lowered their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Needham & Company LLC restated a “buy” rating and set a $200.00 target price on shares of Paylocity in a report on Friday, May 3rd. Finally, Piper Sandler decreased their price objective on Paylocity from $210.00 to $194.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Paylocity has a consensus rating of “Moderate Buy” and a consensus price target of $190.65.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.