Paylocity Holding Corporation $PCTY Holdings Lifted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Paylocity stake by 10,474.6% in the second quarter, ending with 5.25 million shares worth approximately $548.4 million, or 9.89% of the company. Institutional investors collectively own 94.76% of PCTY.
• Paylocity exceeded quarterly expectations, reporting $1.84 in adjusted EPS versus the $1.62 consensus and revenue of $444.73 million, up 11% year over year and above estimates.
• Analysts remain broadly positive, with 12 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $160.53. Meanwhile, insiders sold 54,214 shares worth $8.3 million over the past 90 days.

California State Teachers Retirement System lifted its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 10,474.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,246,465 shares of the software maker's stock after buying an additional 5,196,851 shares during the period. California State Teachers Retirement System owned approximately 9.89% of Paylocity worth $548,413,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Paylocity during the second quarter valued at approximately $430,315,000. Jupiter Topco LLC bought a new stake in shares of Paylocity in the 2nd quarter valued at approximately $70,540,000. Norges Bank acquired a new position in shares of Paylocity in the 4th quarter worth approximately $88,428,000. Deutsche Bank AG acquired a new position in shares of Paylocity in the 2nd quarter worth approximately $54,906,000. Finally, Bank of America Corp DE acquired a new position in shares of Paylocity in the 2nd quarter worth approximately $54,867,000. 94.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Steven I. Sarowitz sold 19,459 shares of the business's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the transaction, the director owned 4,453,495 shares of the company's stock, valued at approximately $702,672,441.10. The trade was a 0.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Andrew Cappotelli sold 2,550 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $149.83, for a total transaction of $382,066.50. Following the completion of the transaction, the senior vice president directly owned 44,329 shares of the company's stock, valued at $6,641,814.07. This trade represents a 5.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 54,214 shares of company stock worth $8,322,580. 19.40% of the stock is currently owned by insiders.

Paylocity Stock Performance

Shares of PCTY stock opened at $147.97 on Tuesday. The company's fifty day simple moving average is $140.75 and its 200-day simple moving average is $119.57. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month high of $170.50. The firm has a market cap of $7.85 billion, a PE ratio of 29.89 and a beta of 0.45.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating the consensus estimate of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter in the prior year, the firm posted $1.56 EPS. The firm's revenue for the quarter was up 11.0% compared to the same quarter last year. Equities research analysts expect that Paylocity Holding Corporation will post 6.92 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on PCTY shares. KeyCorp lifted their price target on shares of Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. BMO Capital Markets upped their price objective on shares of Paylocity from $143.00 to $175.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Cantor Fitzgerald raised their price objective on shares of Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Wall Street Zen cut shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Finally, Barclays boosted their target price on Paylocity from $128.00 to $154.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Paylocity presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.53.

Paylocity Company Profile

Paylocity Holding Corporation is a provider of cloud-based human capital management (HCM) and workforce management software. Its platform is designed to help organizations manage payroll, human resources, employee benefits, talent, compliance and workforce operations through a unified system.

The company's products and services include payroll processing, time and labor management, benefits administration, recruiting, onboarding, performance management, employee surveys and workplace communication tools.

Want to see what other hedge funds are holding PCTY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Paylocity Holding Corporation (NASDAQ:PCTY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.