Bank of New York Mellon Corp Acquires 28,676 Shares of Paylocity Holding Corporation $PCTY

Bank of New York Mellon Corp raised its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 9.1% in the first quarter, HoldingsChannel reports. The institutional investor owned 344,317 shares of the software maker’s stock after acquiring an additional 28,676 shares during the period. Bank of New York Mellon Corp’s holdings in Paylocity were worth $37,200,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Alyeska Investment Group L.P. purchased a new position in shares of Paylocity in the third quarter worth $104,657,000. Norges Bank bought a new position in shares of Paylocity during the fourth quarter worth $88,428,000. Morgan Stanley grew its stake in Paylocity by 117.9% during the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock valued at $124,625,000 after acquiring an additional 442,218 shares in the last quarter. AQR Capital Management LLC grew its stake in Paylocity by 75.1% during the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock valued at $143,747,000 after acquiring an additional 404,605 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Paylocity by 261.2% in the 4th quarter. BNP Paribas Financial Markets now owns 534,487 shares of the software maker’s stock valued at $81,509,000 after acquiring an additional 386,494 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PCTY. KeyCorp decreased their price target on shares of Paylocity from $190.00 to $172.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 28th. BMO Capital Markets raised their price objective on Paylocity from $135.00 to $143.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Jefferies Financial Group set a $135.00 target price on Paylocity in a report on Saturday, May 9th. UBS Group boosted their target price on Paylocity from $122.00 to $128.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Raymond James Financial set a $140.00 price target on Paylocity in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Paylocity presently has an average rating of “Moderate Buy” and an average target price of $151.88.

Insider Activity at Paylocity

In other Paylocity 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 completion of the transaction, the senior vice president directly owned 17,679 shares of the company’s stock, valued at $2,033,968.95. This trade represents a 4.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is owned by insiders.

Paylocity Price Performance

Paylocity stock opened at $125.27 on Friday. The company has a market cap of $6.71 billion, a price-to-earnings ratio of 26.71 and a beta of 0.52. The firm’s fifty day moving average is $113.11 and its 200 day moving average is $115.09. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $197.78.

About Paylocity

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.