Millennium Management LLC Boosts Holdings in Paylocity Holding Corporation $PCTY

Key Points

• Millennium Management LLC increased its stake in Paylocity Holding Corporation (NASDAQ:PCTY) by 86.8%, owning 211,995 shares valued at approximately $39.7 million.
• Paylocity posted impressive earnings with $1.56 EPS for the last quarter, exceeding analyst expectations of $1.38 and showing a revenue increase of 12.2% year-over-year.
• Thirteen investment analysts have rated Paylocity with a Buy, while the company has a consensus price target of $222.71.

Millennium Management LLC increased its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 86.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 211,995 shares of the software maker's stock after purchasing an additional 98,520 shares during the quarter. Millennium Management LLC owned 0.38% of Paylocity worth $39,715,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in PCTY. TCTC Holdings LLC lifted its stake in Paylocity by 115.9% during the first quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock worth $28,000 after purchasing an additional 80 shares in the last quarter. USA Financial Formulas acquired a new position in Paylocity in the 1st quarter valued at about $29,000. Hughes Financial Services LLC acquired a new position in Paylocity in the 1st quarter valued at about $48,000. Bayforest Capital Ltd grew its position in Paylocity by 69.1% in the 1st quarter. Bayforest Capital Ltd now owns 296 shares of the software maker's stock valued at $55,000 after acquiring an additional 121 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Paylocity during the first quarter worth about $61,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PCTY. UBS Group upped their target price 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. Barclays lowered their price target on Paylocity from $209.00 to $190.00 and set an "equal weight" rating for the company in a report on Monday, July 21st. Cantor Fitzgerald upgraded Paylocity to a "strong-buy" rating in a research note on Thursday. KeyCorp upped 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. Finally, Citigroup cut their price target on Paylocity from $225.00 to $218.00 and set a "buy" rating for the company in a research note on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $222.71.

Insider Buying and Selling

In related 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 transaction, the senior vice president 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 filing with the SEC, which is accessible through the SEC website. Insiders own 21.91% of the company's stock.

Paylocity Price Performance

Shares of PCTY stock traded down $0.34 during mid-day trading on Monday, reaching $169.34. The stock had a trading volume of 56,149 shares, compared to its average volume of 484,280. Paylocity Holding Corporation has a 12-month low of $156.55 and a 12-month high of $223.80. The company has a market cap of $9.34 billion, a P/E ratio of 42.24, a price-to-earnings-growth ratio of 3.23 and a beta of 0.51. The business has a 50-day simple moving average of $179.79 and a 200 day simple moving average of $185.35. 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 posted its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.56 EPS for the quarter, beating analysts' consensus estimates of $1.38 by $0.18. The business 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 revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.48 earnings per share. Paylocity has set its FY 2026 guidance at EPS. Q1 2026 guidance at EPS. On average, sell-side analysts anticipate 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.