Conestoga Capital Advisors LLC Raises Stake in Paylocity Holding Corporation $PCTY

Key Points

• Conestoga Capital Advisors raised its Paylocity stake 12.2% to 141,220 shares (~$21.54M), amid significant buys from other institutions — hedge funds and institutional investors now own 94.76% of the company.
• Paylocity beat Q4 estimates with $1.85 EPS (vs. $1.57 est.) and $416.1M revenue (+10.4% YoY), and analysts hold a consensus "Moderate Buy" with a $177.21 price target despite mixed individual adjustments.

Conestoga Capital Advisors LLC increased its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 12.2% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 141,220 shares of the software maker's stock after purchasing an additional 15,357 shares during the period. Conestoga Capital Advisors LLC owned 0.26% of Paylocity worth $21,536,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PCTY. Alyeska Investment Group L.P. purchased a new stake in Paylocity during the 3rd quarter worth about $104,657,000. AQR Capital Management LLC lifted its holdings in Paylocity by 500.6% during the 2nd quarter. AQR Capital Management LLC now owns 449,935 shares of the software maker's stock worth $81,438,000 after purchasing an additional 375,023 shares in the last quarter. Millennium Management LLC lifted its holdings in Paylocity by 97.7% during the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker's stock worth $119,262,000 after purchasing an additional 369,975 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Paylocity by 311.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 432,070 shares of the software maker's stock worth $65,891,000 after purchasing an additional 327,082 shares in the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Paylocity by 114.6% during the 3rd quarter. Two Sigma Investments LP now owns 516,798 shares of the software maker's stock worth $82,310,000 after purchasing an additional 275,959 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Price Performance

Shares of Paylocity stock opened at $105.49 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $5.68 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 3.12 and a beta of 0.57. The business's 50-day moving average price is $106.90 and its 200-day moving average price is $130.06. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month 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 EPS for the quarter, beating the consensus estimate of $1.57 by $0.28. The firm had revenue of $416.13 million for the quarter, compared to analyst estimates of $408.37 million. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.The company's revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.52 EPS. Sell-side analysts forecast that Paylocity Holding Corporation will post 5.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PCTY has been the topic of a number of recent research reports. Truist Financial dropped their price objective on Paylocity from $240.00 to $180.00 and set a "buy" rating on the stock in a report on Friday, February 6th. Citigroup reissued an "outperform" rating on shares of Paylocity in a report on Friday, February 6th. Robert W. Baird set a $220.00 price objective on shares of Paylocity in a research report on Friday, February 6th. TD Cowen reaffirmed a "buy" rating on shares of Paylocity in a research note on Friday, February 6th. Finally, Wall Street Zen downgraded shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Sunday, February 22nd. Fifteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $177.21.

About Paylocity

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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