Paylocity Holding Corporation (NASDAQ:PCTY) Shares Sold by Invesco Ltd.

Invesco Ltd. lowered its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 11.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,176,913 shares of the software maker's stock after selling 155,300 shares during the period. Invesco Ltd. owned approximately 2.13% of Paylocity worth $220,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Paylocity by 63.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,610 shares of the software maker's stock worth $10,605,000 after buying an additional 21,987 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in Paylocity in the 1st quarter valued at approximately $2,610,000. CenterBook Partners LP acquired a new stake in Paylocity in the 1st quarter valued at approximately $878,000. Deutsche Bank AG increased its holdings in Paylocity by 4.0% in the 1st quarter. Deutsche Bank AG now owns 171,994 shares of the software maker's stock valued at $32,221,000 after purchasing an additional 6,670 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its holdings in Paylocity by 41.8% in the 1st quarter. Chicago Partners Investment Group LLC now owns 3,109 shares of the software maker's stock valued at $571,000 after purchasing an additional 917 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on PCTY. KeyCorp raised their price target on shares of Paylocity from $220.00 to $225.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Stifel Nicolaus decreased their price target on shares of Paylocity from $250.00 to $235.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $258.00 price target (up previously from $254.00) on shares of Paylocity in a research report on Friday, May 2nd. Cantor Fitzgerald began coverage on shares of Paylocity in a research report on Thursday. They issued an "overweight" rating for the company. Finally, Jefferies Financial Group decreased their price target on shares of Paylocity from $235.00 to $225.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $223.19.

Insider Transactions at Paylocity

In related 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 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. This represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 21.91% of the stock is owned by corporate insiders.

Paylocity Price Performance

Paylocity stock opened at $173.73 on Thursday. The stock has a market cap of $9.58 billion, a P/E ratio of 43.32, a price-to-earnings-growth ratio of 3.38 and a beta of 0.54. The company has a fifty day simple moving average of $182.29 and a 200-day simple moving average of $190.67. Paylocity Holding Corporation has a 12-month low of $148.03 and a 12-month high of $223.80. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.13.

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

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.

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