Principal Financial Group Inc. Sells 24,465 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Principal Financial Group Inc. reduced its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 16.4% during the third quarter, Holdings Channel.com reports. The fund owned 124,342 shares of the software maker’s stock after selling 24,465 shares during the period. Principal Financial Group Inc.’s holdings in Paylocity were worth $20,513,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PCTY. Millennium Management LLC lifted its position in shares of Paylocity by 435.2% in the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock worth $43,676,000 after purchasing an additional 269,354 shares during the period. Point72 Asset Management L.P. raised its stake in Paylocity by 283.8% during the third quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock worth $51,101,000 after buying an additional 229,057 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in Paylocity by 1,662.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock valued at $23,986,000 after buying an additional 171,597 shares during the period. Dimensional Fund Advisors LP boosted its position in Paylocity by 58.3% during the second quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after acquiring an additional 123,744 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in Paylocity during the 2nd quarter worth about $15,193,000. 94.76% of the stock is currently owned by institutional investors.

Insider Transactions at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 11,473 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $203.37, for a total value of $2,333,264.01. Following the completion of the sale, the director now directly owns 8,344,545 shares of the company’s stock, valued at approximately $1,697,030,116.65. This represents a 0.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total transaction of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at approximately $2,828,605.86. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 151,061 shares of company stock worth $30,438,470 in the last quarter. 21.91% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. TD Cowen upped their target price on Paylocity from $208.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Barclays increased 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. Piper Sandler lifted their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Mizuho increased their target price on shares of Paylocity from $180.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. Finally, BMO Capital Markets lifted their price target on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.71.

Paylocity Trading Up 1.4 %

Shares of Paylocity stock opened at $201.19 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $196.71 and a 200 day simple moving average of $167.09. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $215.68. The company has a market capitalization of $11.22 billion, a P/E ratio of 51.46, a price-to-earnings-growth ratio of 4.93 and a beta of 0.92.

About Paylocity

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.