Polen Capital Management LLC Increases Stake in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Polen Capital Management LLC increased its position in Paylocity Holding Corporation by 9.2%, owning 31,338 shares worth approximately $5.87 million.
• Total institutional ownership of Paylocity stands at 94.76%, with several hedge funds also increasing their stakes in the company.
• Paylocity reported strong quarterly results, with earnings per share of $1.56 and revenue of $400.74 million, surpassing analysts' estimates.

Polen Capital Management LLC lifted its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 9.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,338 shares of the software maker's stock after purchasing an additional 2,649 shares during the quarter. Polen Capital Management LLC owned 0.06% of Paylocity worth $5,871,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Paylocity by 7.0% in the first quarter. Vanguard Group Inc. now owns 4,312,832 shares of the software maker's stock worth $807,966,000 after buying an additional 283,430 shares in the last quarter. FMR LLC boosted its stake in shares of Paylocity by 138.5% during the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock valued at $129,775,000 after purchasing an additional 377,835 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Paylocity by 9.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 487,662 shares of the software maker's stock valued at $97,276,000 after purchasing an additional 41,955 shares during the period. Alyeska Investment Group L.P. lifted its stake in Paylocity by 4.9% in the fourth quarter. Alyeska Investment Group L.P. now owns 487,593 shares of the software maker's stock worth $97,260,000 after acquiring an additional 22,655 shares during the period. Finally, Northern Trust Corp lifted its stake in Paylocity by 22.4% in the fourth quarter. Northern Trust Corp now owns 461,217 shares of the software maker's stock worth $91,999,000 after acquiring an additional 84,254 shares during the period. Hedge funds and other institutional investors own 94.76% of the company's stock.

Paylocity Stock Down 0.3%

PCTY stock traded down $0.59 during trading on Thursday, hitting $173.14. 410,148 shares of the company's stock traded hands, compared to its average volume of 482,377. The firm has a market capitalization of $9.55 billion, a P/E ratio of 43.20, a PEG ratio of 3.38 and a beta of 0.54. The business has a fifty day simple moving average of $182.29 and a two-hundred day simple moving average of $190.67. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.13. Paylocity Holding Corporation has a 1 year low of $150.87 and a 1 year high of $223.80.

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 for the quarter, topping analysts' consensus estimates of $1.38 by $0.18. The firm had revenue of $400.74 million during the quarter, compared to analysts' expectations of $388.25 million. Paylocity had a return on equity of 22.08% and a net margin of 14.24%. The firm's quarterly revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.48 EPS. Sell-side analysts anticipate that Paylocity Holding Corporation will post 4.36 EPS for the current year.

Analyst Ratings Changes

PCTY has been the subject of several recent analyst reports. Citigroup lowered their price target on Paylocity from $225.00 to $218.00 and set a "buy" rating for the company in a research report on Monday, July 21st. Scotiabank started coverage on Paylocity in a report on Wednesday, April 16th. They issued a "sector perform" rating and a $190.00 price objective for the company. Wall Street Zen upgraded Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. KeyCorp boosted their price target on Paylocity from $220.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, August 6th. Finally, Raymond James Financial set a $220.00 price target on Paylocity and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Paylocity has an average rating of "Moderate Buy" and a consensus target price of $222.71.

Insider Buying and Selling at Paylocity

In other news, SVP Andrew Cappotelli sold 1,717 shares of the firm's stock in a transaction dated 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 $2,112,573.22. This trade represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 21.91% of the company's stock.

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.