AlphaCrest Capital Management LLC bought a new stake in Paylocity Holding Corp (NASDAQ:PCTY) in the first quarter, Holdings Channel reports. The institutional investor bought 4,800 shares of the software maker’s stock, valued at approximately $428,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Paylocity by 23.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,141 shares of the software maker’s stock valued at $129,000 after acquiring an additional 407 shares during the period. Xact Kapitalforvaltning AB boosted its position in shares of Paylocity by 50.4% during the fourth quarter. Xact Kapitalforvaltning AB now owns 8,351 shares of the software maker’s stock valued at $503,000 after buying an additional 2,800 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Paylocity by 50.9% during the fourth quarter. Rhumbline Advisers now owns 38,992 shares of the software maker’s stock valued at $2,348,000 after buying an additional 13,153 shares during the last quarter. BB&T Securities LLC boosted its position in shares of Paylocity by 35.8% during the fourth quarter. BB&T Securities LLC now owns 5,479 shares of the software maker’s stock valued at $329,000 after buying an additional 1,443 shares during the last quarter. Finally, Shaker Investments LLC OH boosted its position in shares of Paylocity by 9.5% during the fourth quarter. Shaker Investments LLC OH now owns 58,093 shares of the software maker’s stock valued at $3,498,000 after buying an additional 5,053 shares during the last quarter. 64.23% of the stock is owned by institutional investors.

Several research analysts recently issued reports on PCTY shares. Zacks Investment Research raised Paylocity from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research report on Friday, February 15th. ValuEngine cut Paylocity from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 5th. KeyCorp started coverage on Paylocity in a research report on Tuesday, April 16th. They set an “overweight” rating and a $104.00 target price on the stock. Jefferies Financial Group lifted their target price on Paylocity from $85.00 to $103.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, Craig Hallum reaffirmed a “hold” rating and set a $97.00 target price (up previously from $78.00) on shares of Paylocity in a research report on Friday, May 3rd. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $90.50.

Shares of PCTY opened at $96.17 on Thursday. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of 310.23, a PEG ratio of 8.71 and a beta of 1.91. Paylocity Holding Corp has a 1 year low of $53.46 and a 1 year high of $103.80.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.19. The firm had revenue of $139.60 million for the quarter, compared to analyst estimates of $135.97 million. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The business’s revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. On average, equities research analysts predict that Paylocity Holding Corp will post 0.56 EPS for the current year.

In other Paylocity news, SVP Edward W. Gaty sold 7,768 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $97.54, for a total value of $757,690.72. Following the sale, the senior vice president now directly owns 126,392 shares in the company, valued at $12,328,275.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven I. Sarowitz sold 166,489 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $95.53, for a total value of $15,904,694.17. Following the completion of the sale, the director now owns 14,569,464 shares in the company, valued at $1,391,820,895.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 285,192 shares of company stock worth $27,120,606. Corporate insiders own 41.20% of the company’s stock.

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Paylocity Profile

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

Further Reading: How Do Mutual Funds Work?

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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