KLP Kapitalforvaltning AS Purchases 1,500 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Paylocity Holding Corporation by 16.7%, acquiring an additional 1,500 shares during the first quarter, bringing its total to 10,500 shares valued at approximately $1.97 million.
• Investor interest in Paylocity is rising, with firms like LPL Financial and Vanguard Group significantly increasing their stakes, indicating strong institutional support with 94.76% of the company's stock owned by institutional investors.
• Paylocity reported better-than-expected earnings with $2.43 earnings per share for the latest quarter, surpassing estimates and demonstrating a 13.3% year-over-year revenue growth.

KLP Kapitalforvaltning AS boosted its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 16.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,500 shares of the software maker's stock after buying an additional 1,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Paylocity were worth $1,967,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. FMR LLC increased its stake in shares of Paylocity by 138.5% during the 4th quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after purchasing an additional 377,835 shares in the last quarter. Invesco Ltd. grew its stake in shares of Paylocity by 31.7% during the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock valued at $265,737,000 after buying an additional 320,319 shares during the period. TimesSquare Capital Management LLC acquired a new position in shares of Paylocity during the 1st quarter valued at $37,085,000. Tudor Investment Corp ET AL lifted its holdings in Paylocity by 6,025.6% in the 4th quarter. Tudor Investment Corp ET AL now owns 125,758 shares of the software maker's stock worth $25,085,000 after buying an additional 123,705 shares in the last quarter. Finally, Conestoga Capital Advisors LLC acquired a new position in Paylocity in the 1st quarter worth $20,106,000. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Price Performance

PCTY traded down $3.95 during midday trading on Wednesday, hitting $186.41. The company had a trading volume of 582,518 shares, compared to its average volume of 435,530. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. The company has a market capitalization of $10.30 billion, a PE ratio of 46.49, a P/E/G ratio of 3.74 and a beta of 0.50. Paylocity Holding Corporation has a twelve month low of $142.00 and a twelve month high of $223.80. The firm's 50-day simple moving average is $185.03 and its 200-day simple moving average is $191.91.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.21 earnings per share. Equities research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PCTY. Stephens began coverage on shares of Paylocity in a research note on Monday, July 21st. They issued an "equal weight" rating and a $200.00 target price on the stock. KeyCorp reduced their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Piper Sandler reissued an "overweight" rating and set a $258.00 target price (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. UBS Group upped their price target on shares of Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Finally, Mizuho dropped their price objective on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $220.88.

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the transaction, the senior vice president owned 11,953 shares of the company's stock, valued at approximately $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 21.91% of the company's stock.

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.