Riverbridge Partners LLC Sells 50,827 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Riverbridge Partners LLC reduced its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 6.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 721,522 shares of the software maker’s stock after selling 50,827 shares during the period. Paylocity accounts for about 2.0% of Riverbridge Partners LLC’s investment portfolio, making the stock its 13th largest holding. Riverbridge Partners LLC owned about 1.29% of Paylocity worth $143,922,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of Paylocity by 1,650.0% in the 3rd quarter. UMB Bank n.a. now owns 175 shares of the software maker’s stock worth $29,000 after purchasing an additional 165 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Paylocity during the third quarter valued at approximately $39,000. Signaturefd LLC boosted its holdings in Paylocity by 121.0% in the third quarter. Signaturefd LLC now owns 305 shares of the software maker’s stock worth $50,000 after purchasing an additional 167 shares during the last quarter. Quarry LP grew its position in Paylocity by 149.2% in the 3rd quarter. Quarry LP now owns 309 shares of the software maker’s stock worth $51,000 after purchasing an additional 185 shares during the period. Finally, GAMMA Investing LLC raised its stake in Paylocity by 43.3% during the 4th quarter. GAMMA Investing LLC now owns 384 shares of the software maker’s stock valued at $77,000 after buying an additional 116 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Truist Financial raised their target price on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Paylocity in a report on Wednesday, January 15th. BMO Capital Markets raised their price objective on Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Piper Sandler upped their price target on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Paylocity currently has a consensus rating of “Moderate Buy” and an average target price of $210.64.

Insider Activity

In other news, Director Jeffrey T. Diehl sold 29,606 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $196.55, for a total transaction of $5,819,059.30. Following the completion of the transaction, the director now directly owns 11,755 shares of the company’s stock, valued at approximately $2,310,445.25. This represents a 71.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Andrew Cappotelli sold 247 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $193.29, for a total value of $47,742.63. Following the transaction, the senior vice president now directly owns 14,634 shares in the company, valued at $2,828,605.86. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 157,486 shares of company stock worth $31,751,368. Corporate insiders own 21.91% of the company’s stock.

Paylocity Price Performance

Shares of PCTY opened at $197.74 on Thursday. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The company has a market cap of $11.02 billion, a P/E ratio of 50.57, a PEG ratio of 4.83 and a beta of 0.93. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average price is $200.88 and its 200 day moving average price is $175.82.

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.