Paylocity Holding Co. (NASDAQ:PCTY) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. cut its position in Paylocity Holding Co. (NASDAQ:PCTY) by 2.1% during the fourth quarter, HoldingsChannel reports. The firm owned 8,709 shares of the software maker’s stock after selling 183 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Paylocity were worth $1,737,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PCTY. Granite Investment Partners LLC acquired a new stake in Paylocity in the fourth quarter valued at $3,648,000. Optimize Financial Inc acquired a new stake in shares of Paylocity during the 4th quarter worth about $268,000. Next Century Growth Investors LLC purchased a new stake in Paylocity during the fourth quarter worth approximately $6,032,000. Bessemer Group Inc. boosted its holdings in Paylocity by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 19,118 shares of the software maker’s stock valued at $3,813,000 after purchasing an additional 51 shares in the last quarter. Finally, Ranger Investment Management L.P. raised its holdings in Paylocity by 35.1% during the fourth quarter. Ranger Investment Management L.P. now owns 154,965 shares of the software maker’s stock worth $30,911,000 after purchasing an additional 40,275 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares in the company, valued at $81,862,200. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 21.91% of the company’s stock.

Paylocity Stock Performance

Shares of PCTY opened at $186.75 on Wednesday. Paylocity Holding Co. has a 1 year low of $129.94 and a 1 year high of $223.80. The stock has a market capitalization of $10.44 billion, a P/E ratio of 47.88, a P/E/G ratio of 4.49 and a beta of 0.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. The company’s fifty day moving average is $195.20 and its two-hundred day moving average is $194.43.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a return on equity of 22.45% and a net margin of 14.76%. On average, sell-side analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PCTY. Barclays increased their target price on shares of Paylocity from $214.00 to $231.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price objective on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Raymond James reiterated an “outperform” rating and set a $265.00 target price (up previously from $215.00) on shares of Paylocity in a research report on Friday, February 7th. Citigroup raised Paylocity from a “neutral” rating to a “buy” rating and upped their target price for the company from $214.00 to $231.00 in a research report on Thursday, January 16th. Finally, JMP Securities lifted their price target on Paylocity from $250.00 to $270.00 and gave the stock a “market outperform” rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and a consensus price target of $232.31.

Paylocity Company 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.