Cresset Asset Management LLC Cuts Stake in Paylocity Holding Co. (NASDAQ:PCTY)

Cresset Asset Management LLC reduced its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 73.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,551 shares of the software maker’s stock after selling 6,905 shares during the quarter. Cresset Asset Management LLC’s holdings in Paylocity were worth $509,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Crestline Management LP purchased a new position in shares of Paylocity in the 4th quarter worth about $3,184,000. Bayesian Capital Management LP purchased a new position in shares of Paylocity in the 4th quarter worth about $818,000. Benjamin Edwards Inc. purchased a new position in shares of Paylocity in the 4th quarter worth about $201,000. BNP Paribas Financial Markets lifted its holdings in Paylocity by 393.6% during the fourth quarter. BNP Paribas Financial Markets now owns 37,864 shares of the software maker’s stock valued at $7,553,000 after purchasing an additional 30,193 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Paylocity by 1.2% during the fourth quarter. Ameriprise Financial Inc. now owns 291,440 shares of the software maker’s stock valued at $58,134,000 after purchasing an additional 3,548 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Up 0.1%

PCTY stock opened at $199.47 on Thursday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $187.74 and its 200 day moving average is $197.27. The stock has a market cap of $11.02 billion, a price-to-earnings ratio of 51.15, a price-to-earnings-growth ratio of 4.49 and a beta of 0.58. Paylocity Holding Co. has a 1-year low of $129.94 and a 1-year high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. Paylocity had a net margin of 14.76% and a return on equity of 22.45%. The business had revenue of $454.55 million for the quarter, compared to analysts’ expectations of $441.77 million. During the same period last year, the business earned $2.21 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. Sell-side analysts predict that Paylocity Holding Co. will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 23,243 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $191.00, for a total transaction of $4,439,413.00. Following the transaction, the director now directly owns 470,452 shares in the company, valued at $89,856,332. This trade represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 21.91% of the company’s stock.

Analyst Upgrades and Downgrades

PCTY has been the topic of several recent research reports. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $258.00 price objective (up from $254.00) on shares of Paylocity in a report on Friday, May 2nd. BMO Capital Markets upped their price objective on shares of Paylocity from $210.00 to $226.00 and gave the company an “outperform” rating in a report on Friday, May 2nd. Jefferies Financial Group dropped their price objective on shares of Paylocity from $255.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Finally, Citigroup dropped their price objective on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating on the stock in a report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $223.00.

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.