Comerica Bank Increases Stock Position in Paylocity Holding Corporation $PCTY

Key Points

• Comerica Bank raised its stake in Paylocity by 36.3% in Q4, adding 12,261 shares to hold 46,064 shares worth about $7.03 million, or roughly 0.08% of the company.
• Paylocity beat quarterly expectations with EPS of $1.85 versus $1.57 expected and reported revenue of $416.13 million, up 10.4% year-over-year.
• Institutional investors own 94.76% of Paylocity, and analysts show a "Moderate Buy" consensus with a $177.21 average target despite several recent downward price-target revisions.

Comerica Bank raised its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 36.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 46,064 shares of the software maker's stock after purchasing an additional 12,261 shares during the period. Comerica Bank owned 0.08% of Paylocity worth $7,025,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Federated Hermes Inc. lifted its holdings in shares of Paylocity by 1.6% in the third quarter. Federated Hermes Inc. now owns 4,848 shares of the software maker's stock valued at $772,000 after purchasing an additional 78 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Paylocity by 2.5% in the third quarter. PNC Financial Services Group Inc. now owns 3,313 shares of the software maker's stock valued at $528,000 after purchasing an additional 81 shares in the last quarter. MGO One Seven LLC lifted its holdings in shares of Paylocity by 4.7% in the third quarter. MGO One Seven LLC now owns 2,010 shares of the software maker's stock valued at $320,000 after purchasing an additional 90 shares in the last quarter. Securian Asset Management Inc. lifted its holdings in shares of Paylocity by 3.1% in the third quarter. Securian Asset Management Inc. now owns 3,355 shares of the software maker's stock valued at $534,000 after purchasing an additional 100 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Paylocity by 35.0% in the second quarter. Smartleaf Asset Management LLC now owns 428 shares of the software maker's stock valued at $77,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

Shares of PCTY opened at $105.49 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $5.68 billion, a price-to-earnings ratio of 24.82, a PEG ratio of 3.12 and a beta of 0.57. The company's 50 day simple moving average is $106.90 and its 200 day simple moving average is $130.06. Paylocity Holding Corporation has a 1 year low of $92.99 and a 1 year high of $201.97.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The software maker reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.28. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The business had revenue of $416.13 million for the quarter, compared to the consensus estimate of $408.37 million. During the same quarter in the prior year, the firm posted $1.52 earnings per share. The company's quarterly revenue was up 10.4% compared to the same quarter last year. On average, sell-side analysts predict that Paylocity Holding Corporation will post 5.31 EPS for the current year.

Analysts Set New Price Targets

PCTY has been the topic of several recent research reports. Wall Street Zen downgraded shares of Paylocity from a "buy" rating to a "hold" rating in a report on Sunday, February 22nd. Stifel Nicolaus reduced their price objective on shares of Paylocity from $188.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. UBS Group reduced their price objective on shares of Paylocity from $150.00 to $145.00 and set a "neutral" rating on the stock in a research note on Friday, February 6th. Jefferies Financial Group reduced their price objective on shares of Paylocity from $180.00 to $150.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Finally, BTIG Research reduced their price objective on shares of Paylocity from $180.00 to $150.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Fifteen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $177.21.

Paylocity Profile

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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