Amiral Gestion has significantly increased its investment in Paylocity Holding Corporation (NASDAQ:PCTY), raising its holdings by 37.6% during the third quarter of 2023. According to Holdings Channel, the investment firm now owns 84,703 shares of the software company after acquiring an additional 23,162 shares during this period. This increase positions Paylocity as the ninth largest stock in Amiral Gestion’s portfolio, which constitutes approximately 4.9% of the total assets managed by the firm. The value of these holdings was reported at $13,491,000 in the most recent filing with the Securities and Exchange Commission.
Other institutional investors have also adjusted their positions in Paylocity recently. For instance, SBI Securities Co. Ltd. increased its stake by 47.4% in the second quarter, bringing its total to 252 shares, valued at $46,000. Meanwhile, the Employees Retirement System of Texas purchased a new position worth $51,000 during the same period. Additionally, Bayforest Capital Ltd. raised its holdings by 69.1% in the first quarter, now owning 296 shares valued at $55,000. Hedge funds and institutional investors collectively own 94.76% of Paylocity’s outstanding stock.
Stock Performance and Analyst Ratings
As of the latest trading session, Paylocity’s stock opened at $151.69. The company boasts a market capitalization of $8.25 billion, with a price-to-earnings (P/E) ratio of 38.02 and a price-to-earnings growth (PEG) ratio of 4.44. The stock’s fifty-day moving average is $147.29, while the two-hundred-day moving average stands at $166.55. Over the past year, Paylocity’s stock has seen a low of $135.46 and a high of $223.80, indicating significant volatility.
Recent reports from equity research analysts reflect a generally positive outlook for Paylocity. Cowen maintained a “buy” rating on the stock in a report dated October 6, 2023. Jefferies Financial Group adjusted its price target from $225.00 to $180.00 while also rating the stock as a “buy.” JMP Securities set a target price of $245.00, while BMO Capital Markets revised its price target from $200.00 to $185.00, designating the stock as “outperform.” Overall, one analyst has given Paylocity a “Strong Buy” rating, while fifteen analysts rated it as a “Buy” and six as a “Hold.” According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” with a target price of $206.37.
Insider Transactions and Company Overview
In related news, Paylocity’s Chief Financial Officer, Ryan Glenn, sold 1,737 shares on November 19, 2023, at an average price of $143.65, totaling approximately $249,520.05. Following this transaction, Glenn holds 77,229 shares valued at around $11,093,945.85, marking a 2.20% decrease in his position. Insiders currently own 19.40% of the company’s stock, reflecting a significant level of insider ownership.
Paylocity Holding Corporation specializes in offering cloud-based human capital management and payroll software solutions aimed at the workforce in the United States. The company’s range of services includes payroll software for global payroll, expense management, tax services, on-demand payment, and garnishment managed services. Additionally, it provides time and labor management solutions for time tracking, attendance, and scheduling.
As institutional interest continues to grow, Paylocity remains a focal point for investors looking for opportunities in the human capital management software sector. The firm’s ongoing enhancements to its offerings and strategic position within the market could play a significant role in its future performance.
