According to the most recent filing that Cannon Global Position Management LLC made with the Securities and Exchange Commission, the firm made a new investment in Paylocity Holding Co. (NASDAQ: PCTY) during the third quarter (SEC). A software manufacturer was the target of the investment fund’s purchase of 4,500 shares, which resulted in the fund spending approximately $1,087,000. Paylocity holds the 18th spot in the investment portfolio managed by Cannon Global Investment Management LLC. The company has a 1.8% share, which places it in this position.
A significant number of important additional investors have recently changed the proportion of the company’s shares they own. During the first three months of 2018, HighTower Advisors LLC made a 12.9% purchase of additional Paylocity stock, which increased the company’s ownership percentage. HighTower Advisors LLC increased the total number of shares it owns in the software developer by purchasing an additional 664 shares over the final three months of 2018, bringing the total number of shares it owns to 2,016. The 5,798 shares of company stock that HighTower Advisors LLC owns currently have a value of $1,172,000, according to current market standards. During the first three months of the year, Lord Abbett & Co. LLC purchased an additional stake in Paylocity. This new holding was valued at approximately $14,007,000 at its acquisition. During the first three months of 2018, Sei Investments Company increased by 1.3% the proportion of Paylocity owned by. Following the acquisition of an additional 876 shares during the most recent quarter, Sei Investments Co. now holds 66,053 shares of the software developer’s stock in its portfolio. The price per share has increased to $13,594,000 at this point. During the first three months of 2018, the Canada Pension Plan Investment Board (CPPIB) increased the amount of money it had invested in Paylocity stock by approximately 144,000 dollars. During the first three months of this year, Covestor Ltd. increased the amount of Paylocity stock owned by 88.1%, making this the last and most important point. Following the acquisition of 155 additional shares during the most recent quarter, Covestor Ltd. now directly owns 331 shares of the software manufacturer, which have a value of $68,000. Institutions hold ownership over a combined total of 72.79% of the company’s shares.
The stock price of NASDAQ: PCTY rose by $0.89 during the lunchtime session on Wednesday, bringing it to a new all-time high of $199.43 per share. Today, only 2,634 shares of the company’s stock were traded, which is significantly lower than the average volume of trading, which is 385,895 shares. Within a year, Paylocity Holding Company experienced a record low of $152.01 and a record high of $276.88 in terms of their stock price. The company’s price-to-earnings ratio is 124.09, and its beta value comes in at 1.09. The market currently values the company at $11.10 billion in total capitalization. The company’s simple moving average over the past 50 days is currently sitting at $202.18, and its simple moving average over the past 200 days is currently sitting at $219.51.
On November 3rd, the most recent earnings report for Paylocity was made public. Paylocity is a publicly traded company with the ticker symbol NASDAQ: PCTY. The software company reported that its earnings per share (EPS) for the quarter came in at $0.57, which was $0.37 more than the analysts’ consensus estimate. The return on equity for Paylocity came in at 19.27%, while the company’s net margin came in at 9.76%. According to projections made by market analysts, revenue for the company’s most recent fiscal quarter was expected to fall somewhere between $239.86 million to $253.28 million. Paylocity Holding Company is expected to bring in revenue of $1.92 per share during the current fiscal year, according to projections made by market analysts.
Recent analyst reports have made PCTY the primary topic of discussion for what they have to say about the company. DA Davidson downgraded Paylocity from a “buy” rating to a “neutral” rating. He set a price objective of $250.00 for the company’s stock in a report distributed on Friday, October 28th. DA Davidson also set a price target of $300.00 for the company’s stock. On Friday, October 21st, Citigroup announced its new price objective for PayPal shares in a research report that was made public. The new price objective is lower. The new price target is going to be $255.00. In a report published on Friday, November 4th, Piper Sandler increased their price target on Paylocity shares from $269.00 to $276.00 and upgraded the company’s rating to “overweight.” The analysis that Piper Sandler did was published. Paylocity shares were first mentioned in a report that StockNews.com published on October 12th, marking the beginning of the website’s company coverage. They advised their clients to “hold” the stock moving forward. In a research report made public on Friday, November 4th, KeyCorp announced that it was lowering its price target on shares of Paylocity from $310.00 to $295.00. This was certainly not the last piece of news regarding this topic. They continued to keep the stock rated as “overweight” despite this change in opinion. Seven analysts have given the company a recommendation to buy, while only five have recommended that investors maintain their current holdings in the stock. According to the data provided by Bloomberg, the company is currently regarded as having a consensus rating of “Moderate Buy,” and its average price target is $259
The software for human resource management and payroll processing hosted in the cloud and made available by Paylocity Holding Corporation is made available to the workforce in the United States. In addition to providing services for payroll and taxes, the company also provides solutions for cost management, payment on demand, and garnishment. These services centralize compliance needs, automate processes, and streamline payroll within a single system.
Conduct research into the strategies the other hedge funds use to determine whether or not any of them have PCTY investments. Paylocity Holding Company has recently been involved in several 13F filings and insider trades. For more information, visit HoldingsChannel.com (NASDAQ: PCTY).