Mediolanum International Funds Ltd Acquires 28,624 Shares of Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Mediolanum International Funds Ltd increased its stake in Paylocity Holding Corporation by 81.8% during the first quarter, owning a total of 63,602 shares valued at approximately $11.85 million.
• Paylocity reported a 13.3% increase in quarterly revenue compared to the previous year, with an EPS of $2.43, exceeding analyst expectations.
• Institutional investors hold a significant 94.76% of Paylocity's stock, indicating strong investor confidence in the company amidst various ratings adjustments from analysts.

Mediolanum International Funds Ltd lifted its position in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 81.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,602 shares of the software maker's stock after acquiring an additional 28,624 shares during the quarter. Mediolanum International Funds Ltd owned approximately 0.11% of Paylocity worth $11,851,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. USA Financial Formulas acquired a new position in Paylocity in the 1st quarter worth about $29,000. Hughes Financial Services LLC acquired a new position in Paylocity in the 1st quarter worth about $48,000. Johnson Financial Group Inc. bought a new position in shares of Paylocity during the 4th quarter valued at $72,000. Huntington National Bank raised its holdings in shares of Paylocity by 37.3% during the 4th quarter. Huntington National Bank now owns 431 shares of the software maker's stock valued at $86,000 after purchasing an additional 117 shares in the last quarter. Finally, 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 valued at $87,000 after purchasing an additional 220 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company's stock.

Insider Buying and Selling at Paylocity

In other news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction dated 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 directly owned 11,953 shares of the company's stock, valued at $2,112,573.22. This represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 21.91% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PCTY has been the topic of a number of recent research reports. KeyCorp cut their price target on shares of Paylocity from $250.00 to $220.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Jefferies Financial Group decreased their price target on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Citigroup decreased their price target on shares of Paylocity from $225.00 to $218.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Finally, Scotiabank started coverage on shares of Paylocity in a report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $220.88.

Paylocity Stock Down 0.6%

Shares of Paylocity stock traded down $1.19 on Wednesday, hitting $189.17. The company had a trading volume of 155,064 shares, compared to its average volume of 465,359. The firm has a market capitalization of $10.45 billion, a P/E ratio of 47.12, a P/E/G ratio of 3.66 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 company has a debt-to-equity ratio of 0.20, a current ratio of 1.13 and a quick ratio of 1.13. The stock has a 50-day moving average of $185.24 and a 200-day moving average of $191.95.

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