Riverbridge Partners LLC Has $131.21 Million Stake in Paylocity Holding Corporation (NASDAQ:PCTY)

Riverbridge Partners LLC decreased its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 700,362 shares of the software maker's stock after selling 21,160 shares during the quarter. Paylocity comprises approximately 2.1% of Riverbridge Partners LLC's investment portfolio, making the stock its 11th biggest holding. Riverbridge Partners LLC owned about 1.25% of Paylocity worth $131,206,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Rhumbline Advisers boosted its stake in Paylocity by 0.4% during the 4th quarter. Rhumbline Advisers now owns 123,643 shares of the software maker's stock worth $24,663,000 after acquiring an additional 541 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Paylocity by 13.8% during the 4th quarter. Principal Financial Group Inc. now owns 141,518 shares of the software maker's stock worth $28,229,000 after acquiring an additional 17,176 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in Paylocity by 1,659.5% during the 4th quarter. Sanctuary Advisors LLC now owns 23,208 shares of the software maker's stock worth $4,675,000 after acquiring an additional 21,889 shares during the last quarter. CIBC Asset Management Inc boosted its stake in Paylocity by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 1,745 shares of the software maker's stock worth $348,000 after acquiring an additional 93 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in Paylocity by 6.8% during the 4th quarter. Truist Financial Corp now owns 22,033 shares of the software maker's stock worth $4,395,000 after acquiring an additional 1,398 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Barclays lifted their price objective on shares of Paylocity from $204.00 to $209.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and set a $258.00 price objective (up previously from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. UBS Group lifted their price target on shares of Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $270.00 price target on shares of Paylocity in a research note on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $224.75.

Paylocity Stock Up 0.6%

Shares of NASDAQ PCTY traded up $1.02 during midday trading on Monday, reaching $177.80. The company's stock had a trading volume of 532,269 shares, compared to its average volume of 454,842. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.20. Paylocity Holding Corporation has a fifty-two week low of $129.94 and a fifty-two week high of $223.80. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 44.34, a PEG ratio of 3.60 and a beta of 0.53. The stock has a 50 day simple moving average of $189.30 and a 200-day simple moving average of $194.82.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.34. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The company had revenue of $454.55 million for the quarter, compared to the consensus estimate of $441.77 million. During the same period last year, the company earned $2.21 earnings per share. The firm's revenue was up 13.3% compared to the same quarter last year. Equities research analysts predict that Paylocity Holding Corporation will post 4.36 earnings per share for the current year.

About Paylocity

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.