Connor Clark & Lunn Investment Management Ltd. Invests $9.67 Million in Paylocity Holding Corporation $PCTY

Key Points

• Connor Clark & Lunn Investment Management purchased 92,473 Paylocity shares worth approximately $9.67 million, giving it a 0.17% stake. Institutional investors collectively own 94.76% of the company.
• Paylocity exceeded quarterly expectations, reporting $1.84 in adjusted EPS versus the $1.62 consensus and revenue of $444.73 million versus $431.46 million. Revenue increased 11% year over year, while analysts expect $6.86 in full-year EPS.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $160.53; however, insiders sold 30,741 shares worth $4.62 million over the past 90 days.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 92,473 shares of the software maker's stock, valued at approximately $9,666,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.17% of Paylocity at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Paylocity during the 2nd quarter valued at about $430,315,000. AQR Capital Management LLC grew its holdings in shares of Paylocity by 75.1% during the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker's stock valued at $143,747,000 after buying an additional 404,605 shares during the last quarter. Morgan Stanley increased its position in shares of Paylocity by 117.9% during the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker's stock valued at $124,625,000 after acquiring an additional 442,218 shares in the last quarter. Millennium Management LLC increased its position in shares of Paylocity by 97.7% during the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker's stock valued at $119,262,000 after acquiring an additional 369,975 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Paylocity by 6.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker's stock worth $100,570,000 after acquiring an additional 42,725 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Buying and Selling at Paylocity

In other news, Director Steven I. Sarowitz sold 441 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $155.00, for a total transaction of $68,355.00. Following the completion of the sale, the director owned 4,472,954 shares of the company's stock, valued at $693,307,870. The trade was a 0.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joshua Scutt sold 4,730 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $149.82, for a total value of $708,648.60. Following the completion of the sale, the senior vice president owned 75,729 shares of the company's stock, valued at $11,345,718.78. This trade represents a 5.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 30,741 shares of company stock valued at $4,621,962 in the last ninety days. Corporate insiders own 19.40% of the company's stock.

Paylocity Stock Down 0.1%

PCTY stock opened at $152.04 on Thursday. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 30.72 and a beta of 0.48. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. The business's 50-day moving average is $129.04 and its two-hundred day moving average is $115.64. Paylocity Holding Corporation has a fifty-two week low of $92.99 and a fifty-two week high of $181.97.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.22. The business had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.56 EPS. As a group, analysts forecast that Paylocity Holding Corporation will post 6.86 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on PCTY. Robert W. Baird set a $201.00 target price on Paylocity in a research note on Wednesday, August 5th. Cantor Fitzgerald boosted their price target on Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. BTIG Research upped their price target on Paylocity from $150.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Weiss Ratings raised Paylocity from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, August 11th. Finally, Truist Financial reduced their price objective on Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a report on Monday, June 29th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $160.53.

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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