R Squared Ltd Buys New Position in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• R Squared Ltd has acquired a new position in Paylocity Holding Corporation, purchasing 2,010 shares worth approximately $377,000 in the 1st quarter.
• Multiple institutional investors, including LPL Financial and Norges Bank, have significantly increased their stakes in Paylocity during the fourth quarter, indicating strong interest in the company.
• Paylocity reported earnings of $2.43 per share for the last quarter, exceeding analysts' expectations, with revenue up by 13.3% year-over-year to $454.55 million.

R Squared Ltd bought a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 2,010 shares of the software maker's stock, valued at approximately $377,000.

Other hedge funds have also recently bought and sold shares of the company. TCTC Holdings LLC boosted its stake in shares of Paylocity by 115.9% in the 1st quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock valued at $28,000 after purchasing an additional 80 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Paylocity in the first quarter worth about $29,000. Hughes Financial Services LLC acquired a new position in shares of Paylocity in the 1st quarter valued at approximately $48,000. Bayforest Capital Ltd grew its position in shares of 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 purchasing an additional 121 shares during the period. Finally, Johnson Financial Group Inc. bought a new stake in Paylocity during the 4th quarter worth approximately $72,000. 94.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

PCTY has been the subject of several research reports. Mizuho decreased their price target on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. BMO Capital Markets raised their target price on shares of Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Barclays cut their price target on shares of Paylocity from $209.00 to $190.00 and set an "equal weight" rating on the stock in a research report on Monday, July 21st. Jefferies Financial Group lowered their target price on Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $223.13.

Insider Buying and Selling

In other news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total transaction of $303,462.58. Following the sale, the senior vice president 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 21.91% of the stock is owned by corporate insiders.

Paylocity Stock Up 1.2%

Paylocity stock traded up $2.18 during mid-day trading on Monday, hitting $183.61. The company had a trading volume of 625,859 shares, compared to its average volume of 458,702. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of 45.79, a PEG ratio of 3.59 and a beta of 0.54. Paylocity Holding Corporation has a 1 year low of $146.02 and a 1 year high of $223.80. The business has a fifty day moving average of $184.52 and a 200 day moving average of $191.72. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.20.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.34. The firm had revenue of $454.55 million during the quarter, compared to analysts' expectations of $441.77 million. Paylocity had a return on equity of 22.90% and a net margin of 14.65%. Paylocity's revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.21 earnings per share. On average, sell-side analysts expect that Paylocity Holding Corporation will post 4.36 earnings per share for the current fiscal 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.