J2 Capital Management Inc Makes New Investment in Paylocity Holding Co. (NASDAQ:PCTY)

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

A number of other large investors have also made changes to their positions in PCTY. FMR LLC increased its position in Paylocity by 138.5% in the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after buying an additional 377,835 shares in the last quarter. Invesco Ltd. raised its holdings in Paylocity by 31.7% during the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after acquiring an additional 320,319 shares during the period. American Century Companies Inc. lifted its position in shares of Paylocity by 190.0% in the fourth quarter. American Century Companies Inc. now owns 349,797 shares of the software maker's stock valued at $69,774,000 after acquiring an additional 229,179 shares in the last quarter. Tudor Investment Corp ET AL grew its position in shares of Paylocity by 6,025.6% during the fourth quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker's stock worth $25,085,000 after purchasing an additional 123,705 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in shares of Paylocity by 34.5% during the fourth quarter. Point72 Asset Management L.P. now owns 416,531 shares of the software maker's stock worth $83,085,000 after purchasing an additional 106,770 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Paylocity Trading Up 1.0%

Shares of PCTY stock traded up $1.95 during trading hours on Wednesday, reaching $192.67. 190,103 shares of the stock were exchanged, compared to its average volume of 453,346. The firm has a market capitalization of $10.64 billion, a price-to-earnings ratio of 49.40, a price-to-earnings-growth 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 company's 50-day moving average price is $189.32 and its 200-day moving average price is $197.04. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 26,252 shares of the firm's stock in a transaction dated 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 transaction, the director now owns 420,000 shares of the company's stock, valued at $81,862,200. This trade represents a 5.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 21.91% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PCTY. Citigroup dropped their price target on Paylocity from $246.00 to $225.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Needham & Company LLC reiterated a "buy" rating and issued a $250.00 price target on shares of Paylocity in a research note on Friday, May 2nd. BMO Capital Markets lifted their target price on Paylocity from $210.00 to $226.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Mizuho dropped their price target on Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Wall Street Zen raised Paylocity from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Three equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $223.00.

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.