Fred Alger Management LLC Grows Stake in Paylocity Holding Corporation $PCTY

Key Points

• Fred Alger Management LLC raised its holdings in Paylocity by 3.2%, owning 67,620 shares valued at approximately $12.67 million as of the recent reporting period.
• Several institutional investors, including the New York State Teachers Retirement System and GAMMA Investing LLC, increased their stakes in Paylocity during the first quarter.
• Paylocity's stock has a current average price target of $222.71, with 13 analysts rating it as a Buy, suggesting positive growth prospects.

Fred Alger Management LLC increased its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 3.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,620 shares of the software maker's stock after acquiring an additional 2,092 shares during the period. Fred Alger Management LLC owned about 0.12% of Paylocity worth $12,668,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. TCTC Holdings LLC raised its holdings 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 acquiring an additional 80 shares in the last quarter. USA Financial Formulas acquired a new position in Paylocity during the first quarter worth approximately $29,000. Hughes Financial Services LLC acquired a new position in Paylocity during the first quarter worth approximately $48,000. Bayforest Capital Ltd increased its position in Paylocity by 69.1% during the first quarter. Bayforest Capital Ltd now owns 296 shares of the software maker's stock worth $55,000 after buying an additional 121 shares during the last quarter. Finally, SVB Wealth LLC acquired a new position in Paylocity during the first quarter worth approximately $61,000. Institutional investors own 94.76% of the company's stock.

Insider Activity at Paylocity

In other news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total value of $303,462.58. Following the completion of the transaction, the senior vice president directly owned 11,953 shares in the company, valued at approximately $2,112,573.22. This represents a 12.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 21.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. BMO Capital Markets boosted their price target on Paylocity from $226.00 to $230.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Stephens assumed coverage on Paylocity in a research report on Monday, July 21st. They set an "equal weight" rating and a $200.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and set a $250.00 price target on shares of Paylocity in a research report on Friday, July 18th. KeyCorp boosted their price target on Paylocity from $220.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald assumed coverage on Paylocity in a research report on Thursday, August 14th. They set an "overweight" rating and a $215.00 price target on the stock. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $222.71.

Paylocity Price Performance

NASDAQ PCTY traded up $2.69 on Thursday, hitting $171.93. 526,180 shares of the company's stock were exchanged, compared to its average volume of 493,245. The stock has a 50-day moving average of $180.09 and a 200-day moving average of $185.82. 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 Holding Corporation has a 52 week low of $154.51 and a 52 week high of $223.80. The stock has a market cap of $9.48 billion, a price-to-earnings ratio of 42.88, a P/E/G ratio of 3.35 and a beta of 0.51.

Paylocity (NASDAQ:PCTY - Get Free Report) last released its earnings results on Tuesday, August 5th. The software maker reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.18. Paylocity had a return on equity of 22.08% and a net margin of 14.24%.The firm had revenue of $400.74 million during the quarter, compared to analysts' expectations of $388.25 million. During the same period in the prior year, the company earned $1.48 earnings per share. The company's quarterly revenue was up 12.2% on a year-over-year basis. Paylocity has set its FY 2026 guidance at EPS. Q1 2026 guidance at EPS. Analysts expect 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.