Tidal Investments LLC Invests $1.06 Million in Paylocity Holding Corporation $PCTY

Key Points

• Tidal Investments acquired a new $1.06 million position in Paylocity during the second quarter, purchasing 10,125 shares. Institutional investors collectively own 94.76% of the company.
• Paylocity exceeded quarterly earnings expectations, reporting $1.84 in EPS versus the $1.62 consensus estimate and $444.73 million in revenue, up 11% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $160.53, above the reported share price of $143.73.

Tidal Investments LLC bought a new position in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,125 shares of the software maker's stock, valued at approximately $1,058,000.

A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Paylocity during the second quarter worth about $430,315,000. Jupiter Topco LLC bought a new position in Paylocity in the second quarter valued at approximately $70,540,000. Amundi increased its position in shares of Paylocity by 9.5% during the 2nd quarter. Amundi now owns 663,449 shares of the software maker's stock worth $69,350,000 after purchasing an additional 57,291 shares during the last quarter. Van Berkom & Associates Inc. increased its position in shares of Paylocity by 17.8% during the 1st quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker's stock worth $66,597,000 after purchasing an additional 93,065 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Paylocity during the 4th quarter worth approximately $88,428,000. Institutional investors own 94.76% of the company's stock.

Paylocity Stock Performance

NASDAQ PCTY opened at $143.73 on Friday. The firm has a 50-day moving average of $143.06 and a 200-day moving average of $120.56. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $7.63 billion, a PE ratio of 29.04 and a beta of 0.45. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $169.56.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.22. The business had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. Paylocity's quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.56 EPS. On average, sell-side analysts anticipate that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Insider Activity at Paylocity

In other Paylocity news, Director Steven I. Sarowitz sold 19,459 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total value of $3,070,241.02. Following the transaction, the director directly owned 4,453,495 shares of the company's stock, valued at $702,672,441.10. This represents a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Joshua Scutt sold 4,730 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $149.82, for a total value of $708,648.60. Following the transaction, the senior vice president owned 75,729 shares in the company, valued at $11,345,718.78. The trade was a 5.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 54,214 shares of company stock valued at $8,322,580 in the last 90 days. Corporate insiders own 19.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on PCTY. Truist Financial dropped their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating on the stock in a research report on Monday, June 29th. BTIG Research lifted their price objective on shares of Paylocity from $150.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. KeyCorp upped their target price on shares of Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Barclays raised their target price on shares of Paylocity from $128.00 to $154.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 5th. Finally, Cantor Fitzgerald boosted their price target on Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Paylocity has a consensus rating of "Moderate Buy" and an average target price of $160.53.

Paylocity Profile

Paylocity Holding Corporation is a provider of cloud-based human capital management (HCM) and workforce management software. Its platform is designed to help organizations manage payroll, human resources, employee benefits, talent, compliance and workforce operations through a unified system.

The company's products and services include payroll processing, time and labor management, benefits administration, recruiting, onboarding, performance management, employee surveys and workplace communication tools.

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