Conestoga Capital Advisors LLC Takes $20.11 Million Position in Paylocity Holding Co. (NASDAQ:PCTY)

Conestoga Capital Advisors LLC bought a new position in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 107,323 shares of the software maker's stock, valued at approximately $20,106,000. Conestoga Capital Advisors LLC owned 0.19% of Paylocity as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Van ECK Associates Corp acquired a new stake in Paylocity during the 4th quarter valued at approximately $8,101,000. Rhumbline Advisers raised its holdings in shares of Paylocity by 0.4% during the fourth quarter. Rhumbline Advisers now owns 123,643 shares of the software maker's stock worth $24,663,000 after purchasing an additional 541 shares during the last quarter. Principal Financial Group Inc. lifted its position in Paylocity by 13.8% during the fourth quarter. Principal Financial Group Inc. now owns 141,518 shares of the software maker's stock valued at $28,229,000 after purchasing an additional 17,176 shares during the period. Sanctuary Advisors LLC boosted its holdings in Paylocity by 1,659.5% in the fourth quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker's stock valued at $4,675,000 after purchasing an additional 21,889 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Paylocity by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker's stock valued at $348,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Transactions at Paylocity

In related news, Director Steven I. Sarowitz sold 26,252 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares of the company's stock, valued at approximately $81,862,200. This trade represents a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 21.91% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PCTY. UBS Group boosted their price objective on Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Needham & Company LLC reiterated a "buy" rating and set a $250.00 price target on shares of Paylocity in a research report on Friday, May 2nd. Raymond James restated an "outperform" rating and issued a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a research report on Friday, May 2nd. BMO Capital Markets raised their price objective on shares of Paylocity from $210.00 to $226.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Three analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $223.00.

Paylocity Stock Up 1.3%

PCTY opened at $179.09 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.28. Paylocity Holding Co. has a twelve month low of $129.94 and a twelve month high of $223.80. The company has a market cap of $9.89 billion, a PE ratio of 45.92, a price-to-earnings-growth ratio of 4.49 and a beta of 0.53. The company has a 50-day moving average price of $190.29 and a 200 day moving average price of $195.89.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Thursday, May 1st. The software maker reported $2.43 EPS for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. The business had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The business's revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Sell-side analysts expect that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

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.

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