Connor Clark & Lunn Investment Management Ltd. Acquires 21,987 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Paylocity Holding Corporation by 63.5%, acquiring a total of 56,610 shares valued at approximately $10.6 million by the end of the last quarter.
• Institutional investors collectively own 94.76% of Paylocity's shares, reflecting significant interest in the company's stock within the finance sector.
• Paylocity's latest quarterly earnings report showed an EPS of $1.56, exceeding estimates, and the company experienced a 12.2% revenue growth year-over-year, signaling strong financial performance.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 63.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 56,610 shares of the software maker's stock after acquiring an additional 21,987 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.10% of Paylocity worth $10,605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PCTY. TCTC Holdings LLC grew its position in Paylocity by 115.9% in the first quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock valued at $28,000 after acquiring an additional 80 shares during the last quarter. USA Financial Formulas bought a new position in Paylocity in the first quarter valued at about $29,000. Hughes Financial Services LLC bought a new stake in shares of Paylocity during the first quarter worth about $48,000. Bayforest Capital Ltd grew its holdings in shares of Paylocity by 69.1% during the first quarter. Bayforest Capital Ltd now owns 296 shares of the software maker's stock worth $55,000 after purchasing an additional 121 shares during the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of Paylocity during the fourth quarter worth about $72,000. Institutional investors own 94.76% of the company's stock.

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total transaction of $303,462.58. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 21.91% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PCTY has been the topic of several research reports. Barclays reduced their price target on Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a report on Monday, July 21st. Jefferies Financial Group cut their price objective on Paylocity from $235.00 to $225.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Scotiabank initiated coverage on Paylocity in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price objective on the stock. Mizuho cut their price objective on Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Finally, Citigroup cut their price objective on Paylocity from $225.00 to $218.00 and set a "buy" rating on the stock in a research note on Monday, July 21st. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $223.19.

Paylocity Trading Down 3.7%

NASDAQ PCTY opened at $176.94 on Monday. The company has a market cap of $9.76 billion, a price-to-earnings ratio of 44.12, a P/E/G ratio of 3.50 and a beta of 0.54. Paylocity Holding Corporation has a 52 week low of $146.02 and a 52 week high of $223.80. The business has a 50 day moving average price of $183.48 and a 200-day moving average price of $191.16. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.56 EPS for the quarter, beating the consensus estimate of $1.38 by $0.18. The firm had revenue of $400.74 million during the quarter, compared to the consensus estimate of $388.25 million. Paylocity had a return on equity of 22.08% and a net margin of 14.24%. The company's quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.48 earnings per share. As a group, equities analysts expect that Paylocity Holding Corporation 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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