RK Asset Management LLC Has $5.61 Million Position in Paylocity Holding Co. (NASDAQ:PCTY)

RK Asset Management LLC cut its position in shares of Paylocity Holding Co. (NASDAQ:PCTY - Free Report) by 4.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,953 shares of the software maker's stock after selling 1,392 shares during the quarter. Paylocity comprises 5.2% of RK Asset Management LLC's investment portfolio, making the stock its 7th biggest holding. RK Asset Management LLC owned approximately 0.05% of Paylocity worth $5,611,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Paylocity by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock valued at $803,745,000 after buying an additional 46,183 shares during the period. Invesco Ltd. increased its stake in shares of Paylocity by 31.7% in the 4th quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker's stock worth $265,737,000 after acquiring an additional 320,319 shares in the last quarter. Geode Capital Management LLC lifted its position in Paylocity by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker's stock valued at $214,275,000 after acquiring an additional 25,182 shares during the period. JPMorgan Chase & Co. lifted its position in Paylocity by 0.8% during the 4th quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker's stock valued at $172,300,000 after acquiring an additional 7,251 shares during the period. Finally, FMR LLC boosted its stake in Paylocity by 138.5% during the fourth quarter. FMR LLC now owns 650,599 shares of the software maker's stock worth $129,775,000 after acquiring an additional 377,835 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Price Performance

Shares of PCTY stock traded up $0.66 on Friday, hitting $189.88. 596,818 shares of the stock traded hands, compared to its average volume of 458,380. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14. Paylocity Holding Co. has a 52 week low of $129.94 and a 52 week high of $223.80. The firm has a 50 day simple moving average of $189.49 and a two-hundred day simple moving average of $197.45. The firm has a market cap of $10.49 billion, a price-to-earnings ratio of 48.69, a PEG ratio of 4.49 and a beta of 0.58.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. Paylocity had a return on equity of 22.45% and a net margin of 14.76%. The business had revenue of $454.55 million during the quarter, compared to analyst estimates of $441.77 million. During the same quarter in the prior year, the business posted $2.21 EPS. Paylocity's revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities research analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Scotiabank began coverage on shares of Paylocity in a research note on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 target price for the company. Jefferies Financial Group reduced their price objective on Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Raymond James reiterated an "outperform" rating and set a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a research note on Friday, May 2nd. Citigroup cut their target price on Paylocity from $246.00 to $225.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $270.00 price target on shares of Paylocity in a research report on Tuesday, April 29th. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $223.00.

Insiders Place Their Bets

In related news, Director Steven I. Sarowitz sold 26,252 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.91, for a total value of $5,116,777.32. Following the sale, the director now directly owns 420,000 shares in the company, valued at approximately $81,862,200. The trade was a 5.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.91% of the stock is currently owned by corporate insiders.

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.