Fifth Third Bancorp Buys 1,617 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Fifth Third Bancorp lifted its position in Paylocity Holding Co. (NASDAQ:PCTY) by 53.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,632 shares of the software maker’s stock after purchasing an additional 1,617 shares during the quarter. Fifth Third Bancorp’s holdings in Paylocity were worth $924,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc increased its holdings in shares of Paylocity by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,652 shares of the software maker’s stock worth $273,000 after buying an additional 58 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of Paylocity by 41.1% during the fourth quarter. UMB Bank n.a. now owns 247 shares of the software maker’s stock worth $49,000 after purchasing an additional 72 shares during the last quarter. Chicago Partners Investment Group LLC raised its holdings in shares of Paylocity by 3.7% in the third quarter. Chicago Partners Investment Group LLC now owns 2,282 shares of the software maker’s stock valued at $395,000 after buying an additional 82 shares during the last quarter. Covestor Ltd lifted its position in Paylocity by 6.4% during the 3rd quarter. Covestor Ltd now owns 1,373 shares of the software maker’s stock worth $227,000 after buying an additional 83 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Paylocity by 43.3% during the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock worth $77,000 after acquiring an additional 116 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

PCTY has been the topic of several research analyst reports. TD Cowen decreased their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Citigroup upgraded Paylocity from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $214.00 to $231.00 in a research report on Thursday, January 16th. StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. KeyCorp raised their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Finally, Piper Sandler raised 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. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $210.64.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 247 shares of Paylocity stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the sale, the senior vice president now owns 14,634 shares of the company’s stock, valued at $2,828,605.86. This trade represents a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jeffrey T. Diehl sold 29,606 shares of the 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 owns 11,755 shares of the company’s stock, valued at approximately $2,310,445.25. The trade was a 71.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,486 shares of company stock worth $31,751,368. Company insiders own 21.91% of the company’s stock.

Paylocity Stock Down 3.0 %

Shares of Paylocity stock opened at $203.45 on Thursday. 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 current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $11.34 billion, a P/E ratio of 52.03, a price-to-earnings-growth ratio of 4.84 and a beta of 0.93. The business has a 50-day moving average of $201.39 and a two-hundred day moving average of $178.43.

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.