J2 Capital Management Inc Takes Position in Paylocity Holding Co. (NASDAQ:PCTY)

J2 Capital Management Inc bought a new stake in Paylocity Holding Co. (NASDAQ:PCTY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,063 shares of the software maker's stock, valued at approximately $386,000.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Paylocity by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock valued at $803,745,000 after acquiring an additional 46,183 shares during the last quarter. Invesco Ltd. increased its stake in Paylocity by 31.7% in the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after purchasing an additional 320,319 shares in the last quarter. Geode Capital Management LLC increased its stake in Paylocity by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker's stock valued at $214,275,000 after purchasing an additional 25,182 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Paylocity by 0.8% during the fourth quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker's stock valued at $172,300,000 after buying an additional 7,251 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of Paylocity by 138.5% during the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock valued at $129,775,000 after buying an additional 377,835 shares during the last quarter. Institutional investors own 94.76% of the company's stock.

Insider Activity

In other news, Director Steven I. Sarowitz sold 26,252 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the sale, the director now owns 420,000 shares of the company's stock, valued at $81,862,200. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 21.91% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Raymond James reiterated an "outperform" rating and set a $235.00 price objective (down from $265.00) on shares of Paylocity in a report on Friday, May 2nd. UBS Group boosted their price target on shares of Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Scotiabank initiated coverage on shares of Paylocity in a report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price target on the stock. Needham & Company LLC restated a "buy" rating and set a $250.00 price target on shares of Paylocity in a report on Friday, May 2nd. Finally, JMP Securities restated a "market outperform" rating and set a $270.00 price target on shares of Paylocity in a report on Tuesday, April 29th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $223.00.

Paylocity Stock Performance

PCTY traded down $0.37 during midday trading on Monday, reaching $190.53. The company had a trading volume of 430,491 shares, compared to its average volume of 455,320. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $10.52 billion, a PE ratio of 48.85, a P/E/G ratio of 4.49 and a beta of 0.58. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80. The business has a 50-day moving average price of $189.33 and a two-hundred day moving average price of $197.09.

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

Paylocity Company Profile

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.