SummitTX Capital L.P. Takes $1.43 Million Position in Paylocity Holding Corporation $PCTY

SummitTX Capital L.P. bought a new stake in Paylocity Holding Corporation (NASDAQ:PCTY) in the first quarter, HoldingsChannel reports. The fund bought 13,257 shares of the software maker’s stock, valued at approximately $1,432,000.

A number of other large investors have also recently made changes to their positions in the company. Lazard Asset Management LLC grew its stake in Paylocity by 33.8% during the 1st quarter. Lazard Asset Management LLC now owns 25,890 shares of the software maker’s stock worth $2,797,000 after buying an additional 6,539 shares during the last quarter. Waverly Advisors LLC purchased a new stake in Paylocity in the first quarter valued at approximately $276,000. Wealth Alliance LLC boosted its holdings in shares of Paylocity by 19.1% in the first quarter. Wealth Alliance LLC now owns 2,048 shares of the software maker’s stock valued at $221,000 after acquiring an additional 329 shares during the period. Entropy Technologies LP boosted its holdings in shares of Paylocity by 14.5% in the first quarter. Entropy Technologies LP now owns 10,075 shares of the software maker’s stock valued at $1,089,000 after acquiring an additional 1,276 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Paylocity by 1,406.4% during the first quarter. Renaissance Technologies LLC now owns 235,000 shares of the software maker’s stock worth $25,389,000 after acquiring an additional 219,400 shares during the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Andrew Cappotelli sold 899 shares of Paylocity stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $115.05, for a total value of $103,429.95. Following the transaction, the senior vice president directly owned 17,679 shares in the company, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PCTY has been the topic of a number of recent research reports. UBS Group lifted their target price on shares of Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. KeyCorp decreased their price target on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating for the company in a research note on Tuesday, April 28th. Wall Street Zen downgraded shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. BMO Capital Markets lifted their price objective on shares of Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Finally, Jefferies Financial Group set a $135.00 target price on shares of Paylocity in a report on Saturday, May 9th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $151.88.

Paylocity Trading Up 4.4%

NASDAQ:PCTY opened at $144.79 on Thursday. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $197.78. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.07. The stock’s 50 day simple moving average is $114.60 and its 200-day simple moving average is $114.52. The firm has a market cap of $7.75 billion, a P/E ratio of 30.87 and a beta of 0.52.

Paylocity Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.