LPL Financial LLC Buys 4,033 Shares of Paylocity Holding Corporation $PCTY

Key Points

• LPL Financial LLC has increased its stake in Paylocity Holding Corporation by 21.1% during the first quarter, now owning 23,140 shares valued at approximately $4.17 million.
• Paylocity reported earnings of $1.56 per share and revenue of $400.74 million in its latest quarter, surpassing analysts' estimates and showing a 12.2% increase year-over-year.
• The stock has received a consensus rating of "Moderate Buy" from analysts, with an average target price of $222.71.

LPL Financial LLC raised its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 21.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,140 shares of the software maker's stock after acquiring an additional 4,033 shares during the period. LPL Financial LLC's holdings in Paylocity were worth $4,167,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Louisiana State Employees Retirement System raised its position in Paylocity by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 12,200 shares of the software maker's stock valued at $2,286,000 after purchasing an additional 100 shares in the last quarter. Securian Asset Management Inc. raised its holdings in shares of Paylocity by 3.1% in the first quarter. Securian Asset Management Inc. now owns 3,355 shares of the software maker's stock valued at $629,000 after acquiring an additional 100 shares in the last quarter. Chicago Capital LLC lifted its stake in Paylocity by 1.4% in the first quarter. Chicago Capital LLC now owns 7,661 shares of the software maker's stock worth $1,435,000 after acquiring an additional 106 shares during the period. ProShare Advisors LLC grew its holdings in Paylocity by 6.3% during the 4th quarter. ProShare Advisors LLC now owns 2,171 shares of the software maker's stock worth $433,000 after acquiring an additional 128 shares in the last quarter. Finally, Hardy Reed LLC boosted its position in Paylocity by 11.3% during the first quarter. Hardy Reed LLC now owns 1,315 shares of the software maker's stock valued at $246,000 after purchasing an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insiders Place Their Bets

In other news, SVP Andrew Cappotelli sold 1,717 shares of the firm's 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 completion of the transaction, the senior vice president directly owned 11,953 shares in the company, valued at approximately $2,112,573.22. This trade represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 21.91% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PCTY shares. UBS Group raised their price target on shares of Paylocity from $201.00 to $202.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 6th. KeyCorp boosted their target price on shares of Paylocity from $220.00 to $225.00 and gave the company an "overweight" rating in a report on Wednesday, August 6th. Barclays decreased their price objective on shares of Paylocity from $209.00 to $190.00 and set an "equal weight" rating for the company in a research report on Monday, July 21st. BMO Capital Markets boosted their price target on Paylocity from $226.00 to $230.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen raised Paylocity from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $222.71.

Paylocity Trading Up 3.6%

PCTY traded up $6.28 during mid-day trading on Monday, hitting $178.24. The stock had a trading volume of 307,479 shares, compared to its average volume of 482,870. Paylocity Holding Corporation has a 1-year low of $150.87 and a 1-year high of $223.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The stock's fifty day simple moving average is $181.40 and its 200-day simple moving average is $190.00. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 44.45, a price-to-earnings-growth ratio of 3.40 and a beta of 0.54.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.18. Paylocity had a return on equity of 22.08% and a net margin of 14.24%. The business had revenue of $400.74 million during the quarter, compared to analysts' expectations of $388.25 million. During the same quarter last year, the company posted $1.48 earnings per share. Paylocity's quarterly revenue was up 12.2% on a year-over-year basis. As a group, research analysts forecast that Paylocity Holding Corporation will post 4.36 EPS 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.