Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Paylocity Holding Co. (NASDAQ:PCTY)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Paylocity Holding Co. (NASDAQ:PCTY) during the third quarter, according to its most recent 13F filing with the SEC. The firm purchased 13,191 shares of the software maker’s stock, valued at approximately $2,176,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PCTY. Liontrust Investment Partners LLP boosted its stake in Paylocity by 27.1% in the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after acquiring an additional 172,807 shares in the last quarter. Van Berkom & Associates Inc. lifted its holdings in shares of Paylocity by 20.5% during the 2nd quarter. Van Berkom & Associates Inc. now owns 579,801 shares of the software maker’s stock valued at $76,447,000 after purchasing an additional 98,478 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Paylocity by 4.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 472,686 shares of the software maker’s stock worth $62,324,000 after purchasing an additional 21,127 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock worth $44,296,000 after buying an additional 123,744 shares during the last quarter. Finally, Millennium Management LLC increased its position in Paylocity by 435.2% during the 2nd quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after buying an additional 269,354 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PCTY. Mizuho lifted their target price on shares of Paylocity from $175.00 to $180.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. BMO Capital Markets lifted their price objective on shares of Paylocity from $175.00 to $203.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. BTIG Research cut their target price on Paylocity from $200.00 to $185.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. JMP Securities restated a “market outperform” rating and issued a $250.00 target price on shares of Paylocity in a research note on Monday, August 5th. Finally, KeyCorp boosted their price target on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $196.64.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 15,444 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $195.43, for a total transaction of $3,018,220.92. Following the completion of the sale, the director now owns 9,272,906 shares in the company, valued at approximately $1,812,204,019.58. The trade was a 0.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Rachit Lohani sold 658 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $162.83, for a total value of $107,142.14. Following the completion of the sale, the senior vice president now directly owns 39,764 shares of the company’s stock, valued at approximately $6,474,772.12. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,971 shares of company stock worth $11,750,096 in the last 90 days. Corporate insiders own 21.91% of the company’s stock.

Paylocity Trading Up 2.4 %

PCTY opened at $210.11 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.32 and a quick ratio of 1.32. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 52.50, a PEG ratio of 5.05 and a beta of 0.93. The business has a fifty day moving average price of $179.02 and a 200 day moving average price of $159.74. Paylocity Holding Co. has a 12 month low of $129.94 and a 12 month high of $215.68.

Paylocity Company Profile

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.