Van Berkom & Associates Inc. Cuts Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Van Berkom & Associates Inc. reduced its stake in Paylocity Holdings by 0.8% in Q1, now owning approximately $91.93 million worth of shares, making it 8th in their holdings.
• Several institutional investors increased their positions in Paylocity, including Skandinaviska Enskilda Banken AB, which lifted its stake by 30.8% in the same quarter.
• Paylocity reported a 13.3% increase in quarterly revenue year-over-year, achieving $454.55 million, and earnings per share of $2.43, surpassing estimates.

Van Berkom & Associates Inc. lowered its holdings in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 490,724 shares of the software maker's stock after selling 3,771 shares during the period. Paylocity comprises about 2.9% of Van Berkom & Associates Inc.'s portfolio, making the stock its 8th largest holding. Van Berkom & Associates Inc. owned 0.88% of Paylocity worth $91,932,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS acquired a new stake in Paylocity in the 4th quarter worth about $1,795,000. LPL Financial LLC grew its holdings in shares of Paylocity by 22.5% during the 4th quarter. LPL Financial LLC now owns 19,107 shares of the software maker's stock valued at $3,780,000 after purchasing an additional 3,515 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 during the last quarter. Prudential Financial Inc. grew its holdings in Paylocity by 20.2% during the 4th quarter. Prudential Financial Inc. now owns 4,052 shares of the software maker's stock worth $808,000 after acquiring an additional 682 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Paylocity in the 4th quarter valued at $213,000. Institutional investors own 94.76% of the company's stock.

Paylocity Price Performance

Shares of PCTY stock traded down $2.12 during trading hours on Wednesday, reaching $188.24. The stock had a trading volume of 191,708 shares, compared to its average volume of 465,739. The stock's fifty day simple moving average is $185.24 and its 200 day simple moving average is $191.95. The firm has a market capitalization of $10.40 billion, a PE ratio of 46.96, a PEG ratio of 3.66 and a beta of 0.50. 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 12 month low of $142.00 and a 12 month high of $223.80.

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

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of Paylocity stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $176.74, for a total value of $303,462.58. Following the transaction, the senior vice president directly owned 11,953 shares of the company's stock, valued at $2,112,573.22. The trade was a 12.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 21.91% of the company's stock.

Wall Street Analysts Forecast Growth

PCTY has been the topic of a number of analyst reports. Mizuho reduced their price objective on shares of Paylocity from $245.00 to $220.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Stifel Nicolaus lowered their price objective on shares of Paylocity from $250.00 to $235.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Paylocity from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Scotiabank started coverage on shares of Paylocity in a report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price objective on the stock. Finally, Jefferies Financial Group lowered their target price on shares of Paylocity from $255.00 to $235.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $220.88.

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.