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AE Wealth Management LLC Decreases Stock Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

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AE Wealth Management LLC trimmed its position in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 32.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,377 shares of the software maker’s stock after selling 1,147 shares during the quarter. AE Wealth Management LLC’s holdings in Paylocity were worth $667,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. B. Metzler seel. Sohn & Co. Holding AG raised its position in shares of Paylocity by 28.9% in the 3rd quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 4,978 shares of the software maker’s stock valued at $1,396,000 after purchasing an additional 1,116 shares during the last quarter. Echo Street Capital Management LLC raised its position in shares of Paylocity by 14.8% in the 2nd quarter. Echo Street Capital Management LLC now owns 680,509 shares of the software maker’s stock valued at $129,841,000 after purchasing an additional 87,536 shares during the last quarter. Texas Permanent School Fund raised its position in shares of Paylocity by 3.8% in the 3rd quarter. Texas Permanent School Fund now owns 29,081 shares of the software maker’s stock valued at $8,154,000 after purchasing an additional 1,068 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of Paylocity by 99,022.2% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 8,921 shares of the software maker’s stock valued at $1,702,000 after purchasing an additional 8,912 shares during the last quarter. Finally, Alpha DNA Investment Management LLC purchased a new position in shares of Paylocity in the 2nd quarter valued at approximately $1,448,000. 68.40% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ PCTY opened at $236.16 on Friday. The stock has a market capitalization of $12.99 billion, a price-to-earnings ratio of 149.47 and a beta of 1.34. Paylocity Holding Co. has a 12 month low of $154.26 and a 12 month high of $314.49. The firm’s 50 day simple moving average is $258.97 and its 200-day simple moving average is $247.00.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings data on Thursday, November 4th. The software maker reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.21. Paylocity had a net margin of 13.10% and a return on equity of 16.89%. The business had revenue of $181.70 million for the quarter, compared to analysts’ expectations of $173.97 million. During the same quarter last year, the company earned $0.14 EPS. The business’s revenue was up 33.8% on a year-over-year basis. On average, equities analysts forecast that Paylocity Holding Co. will post 1.02 EPS for the current year.

Several equities analysts recently commented on the stock. Raymond James increased their price objective on shares of Paylocity from $270.00 to $355.00 and gave the company an “outperform” rating in a research report on Friday, November 5th. Piper Sandler increased their price target on shares of Paylocity from $230.00 to $274.00 and gave the stock a “neutral” rating in a report on Friday, November 5th. JMP Securities increased their price target on shares of Paylocity from $310.00 to $320.00 and gave the stock a “market outperform” rating in a report on Friday, November 5th. Mizuho increased their price target on shares of Paylocity from $280.00 to $300.00 and gave the stock a “neutral” rating in a report on Friday, November 5th. Finally, KeyCorp increased their price target on shares of Paylocity from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, November 8th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Paylocity currently has an average rating of “Buy” and an average target price of $291.16.

In related news, COO Michael R. Haske sold 16,419 shares of Paylocity stock in a transaction on Monday, November 8th. The shares were sold at an average price of $278.43, for a total value of $4,571,542.17. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven I. Sarowitz sold 128,445 shares of the firm’s stock in a transaction on Monday, November 8th. The shares were sold at an average price of $277.58, for a total value of $35,653,763.10. The disclosure for this sale can be found here. Insiders sold a total of 149,932 shares of company stock worth $41,718,669 in the last three months. 28.80% of the stock is owned by corporate insiders.

Paylocity Company Profile

Paylocity Holding Corp. engages in the development and provision of cloud-based software solution. It offers cloud-based payroll, human capital management applications, time labor tracking, benefits administration, and talent management. The company was founded by Steve I. Sarowitz in 1997 and is headquartered in Schaumburg, IL.

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