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Northwestern Mutual Wealth Management Co. Buys New Shares in Paylocity Holding Co. (NASDAQ:PCTY)

Northwestern Mutual Wealth Management Co. purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTYGet Rating) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 199 shares of the software maker’s stock, valued at approximately $41,000.

Several other hedge funds have also made changes to their positions in PCTY. TD Asset Management Inc. lifted its position in shares of Paylocity by 121.5% in the 4th quarter. TD Asset Management Inc. now owns 230,304 shares of the software maker’s stock valued at $54,389,000 after acquiring an additional 126,312 shares in the last quarter. Invesco Ltd. lifted its position in Paylocity by 9.3% in the 4th quarter. Invesco Ltd. now owns 1,145,240 shares of the software maker’s stock worth $270,460,000 after buying an additional 97,679 shares in the last quarter. Marshall Wace LLP lifted its position in Paylocity by 96.0% in the 4th quarter. Marshall Wace LLP now owns 133,208 shares of the software maker’s stock worth $31,460,000 after buying an additional 65,252 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Paylocity in the 4th quarter worth approximately $14,359,000. Finally, Riverbridge Partners LLC lifted its position in Paylocity by 5.8% in the 1st quarter. Riverbridge Partners LLC now owns 794,297 shares of the software maker’s stock worth $163,442,000 after buying an additional 43,297 shares in the last quarter. Hedge funds and other institutional investors own 69.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Wolfe Research increased their target price on shares of Paylocity from $220.00 to $290.00 and gave the stock an “outperform” rating in a research report on Monday, August 8th. DA Davidson increased their target price on shares of Paylocity to $270.00 in a research report on Tuesday, August 9th. Cowen increased their target price on shares of Paylocity from $240.00 to $265.00 in a research report on Friday, August 5th. Credit Suisse Group increased their price target on shares of Paylocity to $240.00 in a research note on Tuesday, August 9th. Finally, Jefferies Financial Group dropped their price target on shares of Paylocity from $255.00 to $200.00 in a research note on Monday, May 23rd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $267.19.

Insiders Place Their Bets

In other Paylocity news, CEO Steven R. Beauchamp sold 49,658 shares of the firm’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $200.00, for a total value of $9,931,600.00. Following the sale, the chief executive officer now directly owns 1,780,014 shares in the company, valued at approximately $356,002,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Paylocity news, CEO Steven R. Beauchamp sold 49,658 shares of the firm’s stock in a transaction on Friday, July 8th. The shares were sold at an average price of $200.00, for a total value of $9,931,600.00. Following the sale, the chief executive officer now directly owns 1,780,014 shares in the company, valued at approximately $356,002,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael R. Haske sold 33,355 shares of the firm’s stock in a transaction on Friday, July 8th. The stock was sold at an average price of $200.00, for a total transaction of $6,671,000.00. Following the completion of the sale, the chief operating officer now owns 775,885 shares in the company, valued at $155,177,000. The disclosure for this sale can be found here. Insiders have sold 206,223 shares of company stock worth $47,715,503 in the last ninety days. Insiders own 28.80% of the company’s stock.

Paylocity Trading Down 1.6 %

NASDAQ:PCTY opened at $245.77 on Monday. Paylocity Holding Co. has a 1 year low of $152.01 and a 1 year high of $314.49. The firm’s fifty day simple moving average is $210.81 and its 200 day simple moving average is $197.59. The firm has a market capitalization of $13.55 billion, a PE ratio of 152.65 and a beta of 1.27.

Paylocity (NASDAQ:PCTYGet Rating) last posted its earnings results on Thursday, August 4th. The software maker reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.11. The business had revenue of $228.95 million for the quarter, compared to analyst estimates of $217.96 million. Paylocity had a net margin of 10.65% and a return on equity of 17.29%. Paylocity’s revenue was up 36.7% compared to the same quarter last year. During the same period last year, the business posted $0.24 EPS. As a group, analysts anticipate that Paylocity Holding Co. will post 1.97 EPS for the current fiscal year.

About Paylocity

(Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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