TimesSquare Capital Management LLC Makes New $37.09 Million Investment in Paylocity Holding Corporation (NASDAQ:PCTY)

TimesSquare Capital Management LLC acquired a new stake in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 197,957 shares of the software maker's stock, valued at approximately $37,085,000. TimesSquare Capital Management LLC owned approximately 0.35% of Paylocity at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Paylocity by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker's stock worth $803,745,000 after acquiring an additional 46,183 shares in the last quarter. Invesco Ltd. lifted its position in Paylocity by 31.7% during 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 worth $214,275,000 after acquiring an additional 25,182 shares in the last quarter. 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 worth $172,300,000 after acquiring an additional 7,251 shares in the last quarter. Finally, FMR LLC lifted its position in Paylocity by 138.5% during the 4th 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 institutional investors and hedge funds.

Paylocity Stock Performance

PCTY traded up $4.10 during trading on Thursday, reaching $186.50. 143,394 shares of the company were exchanged, compared to its average volume of 449,289. The stock has a market cap of $10.30 billion, a P/E ratio of 46.51, a PEG ratio of 3.53 and a beta of 0.50. The firm has a 50 day moving average of $187.39 and a 200 day moving average of $192.65. 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 52 week low of $138.74 and a 52 week high of $223.80.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 EPS for the quarter, topping analysts' consensus estimates of $2.09 by $0.34. The firm had revenue of $454.55 million during 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 revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.21 EPS. On average, sell-side analysts forecast that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Paylocity news, SVP Andrew Cappotelli sold 1,717 shares of the business's stock in a transaction 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 approximately $2,112,573.22. The trade was a 12.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 21.91% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PCTY has been the topic of several recent research reports. Stifel Nicolaus reduced their price target on Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Scotiabank assumed coverage on Paylocity in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price target on the stock. Piper Sandler reaffirmed an "overweight" rating and issued a $258.00 target price (up from $254.00) on shares of Paylocity in a research report on Friday, May 2nd. BMO Capital Markets upped their target price on Paylocity from $210.00 to $226.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, Barclays upped their target price on Paylocity from $204.00 to $209.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Paylocity presently has a consensus rating of "Moderate Buy" and an average price target of $224.75.

Paylocity Company 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.