Mackenzie Financial Corp Cuts Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Mackenzie Financial Corp has reduced its stake in Paylocity Holding Corporation by 54.4%, owning 1,629 shares valued at approximately $305,000 after selling 1,945 shares in the first quarter.
• Paylocity's quarterly earnings report showed earnings per share of $1.56, surpassing estimates, with revenue reaching $400.74 million, a 12.2% increase from the previous year.
• Analysts have various price targets for Paylocity's stock, with a consensus rating of "Moderate Buy" and a price target of $223.19.

Mackenzie Financial Corp trimmed its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 54.4% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,629 shares of the software maker's stock after selling 1,945 shares during the quarter. Mackenzie Financial Corp's holdings in Paylocity were worth $305,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. USA Financial Formulas purchased a new stake in shares of Paylocity during the 1st quarter worth approximately $29,000. Hughes Financial Services LLC purchased a new stake in shares of Paylocity during the 1st quarter worth approximately $48,000. Johnson Financial Group Inc. purchased a new stake in shares of Paylocity during the 4th quarter worth approximately $72,000. UMB Bank n.a. raised its holdings in shares of Paylocity by 89.1% during the 1st quarter. UMB Bank n.a. now owns 467 shares of the software maker's stock worth $87,000 after acquiring an additional 220 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Paylocity by 41.9% during the 1st quarter. GAMMA Investing LLC now owns 545 shares of the software maker's stock worth $102,000 after acquiring an additional 161 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PCTY has been the topic of several recent research reports. KeyCorp upped their price objective on Paylocity from $220.00 to $225.00 and gave the stock an "overweight" rating in a report on Wednesday, August 6th. Barclays dropped their price target on Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Monday, July 21st. Wall Street Zen upgraded Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Scotiabank assumed coverage on Paylocity in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price objective for the company. Finally, Piper Sandler restated an "overweight" rating and issued a $258.00 price objective (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Paylocity has a consensus rating of "Moderate Buy" and a consensus target price of $223.19.

Insider Buying and Selling

In related news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total transaction of $303,462.58. Following the completion of the transaction, the senior vice president directly owned 11,953 shares of the company's stock, valued at $2,112,573.22. The trade was a 12.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 21.91% of the stock is owned by insiders.

Paylocity Trading Up 1.3%

Shares of NASDAQ PCTY traded up $2.15 during trading on Wednesday, reaching $172.84. The stock had a trading volume of 160,572 shares, compared to its average volume of 480,140. Paylocity Holding Corporation has a fifty-two week low of $148.03 and a fifty-two week high of $223.80. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.14 and a current ratio of 1.14. The business's 50-day moving average price is $182.71 and its 200-day moving average price is $190.78. The company has a market cap of $9.53 billion, a P/E ratio of 43.13, a PEG ratio of 3.41 and a beta of 0.54.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Tuesday, August 5th. The software maker reported $1.56 EPS for the quarter, beating 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 company had revenue of $400.74 million during the quarter, compared to analysts' expectations of $388.25 million. During the same period last year, the business posted $1.48 EPS. Paylocity's revenue for the quarter was up 12.2% on a year-over-year basis. On average, equities research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Paylocity 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.