Bryce Point Capital LLC Has $770,000 Stock Position in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Bryce Point Capital LLC reduced its stake in Paylocity Holding Corporation by 42.0%, ending the quarter with 4,027 shares valued at $770,000.
• Paylocity reported better-than-expected quarterly earnings, with an EPS of $2.43, surpassing estimates by $0.34, and revenue increasing by 13.3% year-over-year.
• Research firms have issued a consensus rating of "Moderate Buy" for Paylocity's stock, with a target price of approximately $221.76.

Bryce Point Capital LLC cut its position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 42.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,027 shares of the software maker's stock after selling 2,919 shares during the quarter. Bryce Point Capital LLC's holdings in Paylocity were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in shares of Paylocity by 138.5% in the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after acquiring an additional 377,835 shares during the period. Invesco Ltd. grew its position in Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after buying an additional 320,319 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in Paylocity in the 1st quarter valued at about $37,085,000. Tudor Investment Corp ET AL grew its position in Paylocity by 6,025.6% in the 4th quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker's stock valued at $25,085,000 after buying an additional 123,705 shares in the last quarter. Finally, Conestoga Capital Advisors LLC bought a new position in Paylocity in the 1st quarter valued at about $20,106,000. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

Paylocity Stock Up 0.2%

Shares of Paylocity stock traded up $0.35 on Thursday, reaching $186.76. 184,098 shares of the company were exchanged, compared to its average volume of 466,503. Paylocity Holding Corporation has a one year low of $142.00 and a one year high of $223.80. The company has a market capitalization of $10.31 billion, a price-to-earnings ratio of 46.58, a PEG ratio of 3.74 and a beta of 0.50. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $185.03 and a 200 day moving average of $191.91.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. The company had revenue of $454.55 million for the quarter, compared to analysts' expectations of $441.77 million. During the same quarter in the prior year, the business posted $2.21 EPS. The business's revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts forecast that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PCTY. JMP Securities reiterated a "market outperform" rating and issued a $270.00 target price on shares of Paylocity in a research report on Tuesday, April 29th. Citigroup reduced their price objective on shares of Paylocity from $225.00 to $218.00 and set a "buy" rating for the company in a research report on Monday, July 21st. BMO Capital Markets upped their price objective on shares of Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Wall Street Zen raised shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Finally, Jefferies Financial Group reduced their price objective on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $220.88.

Insiders Place Their Bets

In related news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the sale, the senior vice president owned 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 21.91% of the company's stock.

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.