Skandinaviska Enskilda Banken AB publ Increases Stock Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Skandinaviska Enskilda Banken AB increased its stake in Paylocity by 30.8%, acquiring an additional 46,400 shares, bringing its total ownership to approximately $36.9 million.
• Institutional investors now own 94.76% of Paylocity's stock, with recent additions from USA Financial Formulas, Hughes Financial Services LLC, and UMB Bank n.a.
• Paylocity's earnings report showed a 13.3% revenue increase year-over-year, with earnings per share of $2.43, surpassing analyst estimates by $0.34.

Skandinaviska Enskilda Banken AB publ grew its position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 30.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 197,059 shares of the software maker's stock after acquiring an additional 46,400 shares during the period. Skandinaviska Enskilda Banken AB publ owned about 0.35% of Paylocity worth $36,897,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas purchased a new position in shares of Paylocity during the first quarter valued at approximately $29,000. Hughes Financial Services LLC bought a new position in Paylocity in the first quarter worth $48,000. Johnson Financial Group Inc. purchased a new position in Paylocity during the fourth quarter valued at $72,000. Huntington National Bank lifted its position in Paylocity by 37.3% during the fourth quarter. Huntington National Bank now owns 431 shares of the software maker's stock valued at $86,000 after buying an additional 117 shares during the period. Finally, UMB Bank n.a. lifted its position in Paylocity by 89.1% during the first quarter. UMB Bank n.a. now owns 467 shares of the software maker's stock valued at $87,000 after buying an additional 220 shares during the period. 94.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. KeyCorp lowered their price objective on Paylocity from $250.00 to $220.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. UBS Group increased their target price on Paylocity from $195.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $258.00 target price (up from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and issued a $270.00 target price on shares of Paylocity in a research note on Tuesday, April 29th. Finally, Jefferies Financial Group cut their target price on Paylocity from $255.00 to $235.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Paylocity currently has an average rating of "Moderate Buy" and a consensus target price of $220.88.

Paylocity Stock Performance

Shares of NASDAQ PCTY traded down $2.14 during trading on Wednesday, hitting $188.22. The company had a trading volume of 179,224 shares, compared to its average volume of 465,546. The stock has a 50 day simple moving average of $185.24 and a 200 day simple moving average of $191.95. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. Paylocity Holding Corporation has a 12 month low of $142.00 and a 12 month high of $223.80. The firm has a market capitalization of $10.40 billion, a P/E ratio of 47.03, a price-to-earnings-growth ratio of 3.66 and a beta of 0.50.

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

Insiders Place Their Bets

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total transaction of $303,462.58. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is available through this link. 21.91% of the stock is 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.