Paylocity Holding Corporation $PCTY Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management increased its Paylocity stake by 77% in the second quarter, adding 106,326 shares to own 244,492 shares valued at approximately $25.6 million. Institutional investors collectively own 94.76% of the company.
• Paylocity exceeded quarterly expectations, reporting $1.84 in EPS versus the $1.62 consensus estimate and revenue of $444.73 million, up 11% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $160.53, while company insiders sold 54,145 shares worth approximately $8.3 million during the last quarter.

Wellington Management Group LLP boosted its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 77.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 244,492 shares of the software maker's stock after buying an additional 106,326 shares during the period. Wellington Management Group LLP owned 0.46% of Paylocity worth $25,557,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Caitlin John LLC purchased a new position in shares of Paylocity in the second quarter valued at approximately $530,000. Jefferies Financial Group Inc. acquired a new position in Paylocity in the 2nd quarter valued at $1,019,000. Public Employees Retirement System of Ohio acquired a new position in Paylocity in the 2nd quarter valued at $1,306,000. Capstone Investment Advisors LLC purchased a new position in Paylocity in the 2nd quarter valued at $596,000. Finally, Proficio Capital Partners LLC purchased a new position in Paylocity in the 2nd quarter valued at $348,000. Institutional investors and hedge funds own 94.76% of the company's stock.

Insider Activity

In related news, CFO Ryan Glenn sold 3,345 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $149.75, for a total value of $500,913.75. Following the transaction, the chief financial officer directly owned 122,563 shares in the company, valued at approximately $18,353,809.25. This represents a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Robinson sold 800 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $158.41, for a total value of $126,728.00. Following the completion of the transaction, the director owned 6,745 shares of the company's stock, valued at $1,068,475.45. The trade was a 10.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 54,145 shares of company stock worth $8,312,067. 19.40% of the stock is owned by company insiders.

Paylocity Trading Down 1.4%

Shares of PCTY stock opened at $152.25 on Friday. The company's 50-day moving average price is $136.65 and its 200-day moving average price is $117.84. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The stock has a market cap of $8.08 billion, a price-to-earnings ratio of 30.76 and a beta of 0.45. Paylocity Holding Corporation has a twelve month low of $92.99 and a twelve month high of $178.91.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The firm had revenue of $444.73 million during the quarter, compared to analysts' expectations of $431.46 million. During the same period last year, the business earned $1.56 earnings per share. Paylocity's revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts predict that Paylocity Holding Corporation will post 6.92 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PCTY shares. Truist Financial dropped their target price on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a report on Monday, June 29th. Weiss Ratings raised shares of Paylocity from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. BMO Capital Markets boosted their price target on shares of Paylocity from $143.00 to $175.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Barclays upped their price objective on shares of Paylocity from $128.00 to $154.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 5th. Finally, Wall Street Zen lowered shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $160.53.

Paylocity Company Profile

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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