Quantbot Technologies LP Buys New Position in Paylocity Holding Co. (NASDAQ:PCTY)

Quantbot Technologies LP bought a new stake in shares of Paylocity Holding Co. (NASDAQ:PCTY) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 28,893 shares of the software maker’s stock, valued at approximately $3,810,000. Quantbot Technologies LP owned 0.05% of Paylocity as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Sei Investments Co. grew its stake in Paylocity by 25.2% during the 4th quarter. Sei Investments Co. now owns 192,028 shares of the software maker’s stock valued at $31,654,000 after purchasing an additional 38,613 shares in the last quarter. Evoke Wealth LLC acquired a new stake in Paylocity during the 4th quarter valued at approximately $2,507,000. Wells Fargo & Company MN grew its stake in Paylocity by 274.8% during the 4th quarter. Wells Fargo & Company MN now owns 65,010 shares of the software maker’s stock valued at $10,717,000 after purchasing an additional 47,663 shares in the last quarter. FORA Capital LLC acquired a new stake in Paylocity during the 1st quarter valued at approximately $1,540,000. Finally, Royal London Asset Management Ltd. acquired a new stake in Paylocity during the 4th quarter valued at approximately $1,938,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Down 1.6 %

Shares of Paylocity stock opened at $157.03 on Tuesday. The stock’s fifty day moving average is $152.05 and its 200-day moving average is $154.84. The firm has a market capitalization of $8.86 billion, a PE ratio of 45.65, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $206.28.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The company had revenue of $357.30 million for the quarter, compared to analyst estimates of $350.29 million. During the same period in the previous year, the firm earned $0.76 earnings per share. Paylocity’s revenue for the quarter was up 15.8% compared to the same quarter last year. Analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current year.

Insider Activity

In other news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at $4,352,224.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of Paylocity stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The disclosure for this sale can be found here. 22.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PCTY. BTIG Research lowered their price objective on Paylocity from $200.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research report on Thursday, September 5th. Stifel Nicolaus decreased their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Citigroup decreased their target price on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research report on Tuesday, June 18th. Finally, Truist Financial decreased their target price on Paylocity from $200.00 to $195.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.13.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.