Meiji Yasuda Asset Management Co Ltd. Makes New Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Meiji Yasuda Asset Management Co Ltd. purchased a new position in Paylocity Holding Co. (NASDAQ:PCTY) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,066 shares of the software maker’s stock, valued at approximately $213,000.

Several other hedge funds also recently made changes to their positions in PCTY. Certuity LLC bought a new stake in Paylocity during the 4th quarter worth approximately $232,000. Edgestream Partners L.P. raised its position in shares of Paylocity by 222.3% in the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock worth $1,788,000 after buying an additional 7,475 shares in the last quarter. Barclays PLC boosted its stake in Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after buying an additional 5,609 shares during the period. Nisa Investment Advisors LLC grew its position in Paylocity by 5,742.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock worth $1,165,000 after buying an additional 5,742 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Paylocity by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock worth $46,592,000 after acquiring an additional 4,697 shares during the last quarter. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PCTY. Needham & Company LLC boosted their price objective on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. KeyCorp increased their price target on shares of Paylocity from $220.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Piper Sandler reaffirmed an “overweight” rating and set a $254.00 price objective (up from $212.00) on shares of Paylocity in a report on Thursday, February 6th. UBS Group increased their target price on Paylocity from $211.00 to $220.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Jefferies Financial Group lifted their price target on Paylocity from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $233.25.

Insider Buying and Selling

In other news, Director Steven I. Sarowitz sold 23,243 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $191.00, for a total value of $4,439,413.00. Following the sale, the director now directly owns 470,452 shares of the company’s stock, valued at approximately $89,856,332. This represents a 4.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold 52,095 shares of company stock worth $10,076,554 in the last 90 days. Insiders own 21.91% of the company’s stock.

Paylocity Price Performance

PCTY opened at $186.33 on Friday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company has a market cap of $10.41 billion, a price-to-earnings ratio of 47.78, a price-to-earnings-growth ratio of 4.49 and a beta of 0.94. The stock has a fifty day simple moving average of $201.20 and a two-hundred day simple moving average of $192.25. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. Research analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.