Vanguard Group Inc. Sells 56,613 Shares of Paylocity Holding Corporation $PCTY

Key Points

• Vanguard sold 56,613 shares of Paylocity in Q4 (a 1.3% reduction), leaving it with 4,161,169 shares — equivalent to a 7.65% stake valued at about $634.6 million.
• Wall Street sentiment is mildly positive: the consensus is a "Moderate Buy" with an average price target of $172.72 (14 Buys, 4 Holds, 1 Sell), implying substantial upside from the recent share price.
• Recent results showed growth and an earnings beat: Paylocity reported $1.85 EPS vs. $1.57 expected and revenue of $416.13 million, up 10.4% year-over-year.

Vanguard Group Inc. lessened its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 1.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,161,169 shares of the software maker's stock after selling 56,613 shares during the period. Vanguard Group Inc. owned 7.65% of Paylocity worth $634,578,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Millennium Management LLC lifted its stake in shares of Paylocity by 97.7% during the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker's stock valued at $119,262,000 after acquiring an additional 369,975 shares during the period. Alyeska Investment Group L.P. acquired a new stake in shares of Paylocity during the third quarter worth about $104,657,000. Dimensional Fund Advisors LP raised its position in shares of Paylocity by 14.2% during the third quarter. Dimensional Fund Advisors LP now owns 616,747 shares of the software maker's stock worth $98,237,000 after purchasing an additional 76,603 shares during the period. JPMorgan Chase & Co. raised its position in shares of Paylocity by 22.1% during the third quarter. JPMorgan Chase & Co. now owns 555,393 shares of the software maker's stock worth $88,459,000 after purchasing an additional 100,400 shares during the period. Finally, Qube Research & Technologies Ltd grew its holdings in shares of Paylocity by 61.3% during the third quarter. Qube Research & Technologies Ltd now owns 552,313 shares of the software maker's stock worth $87,967,000 after buying an additional 209,897 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PCTY. Citigroup reiterated an "outperform" rating on shares of Paylocity in a report on Friday, February 6th. Barclays reduced their target price on Paylocity from $146.00 to $120.00 and set an "equal weight" rating for the company in a research note on Monday, April 20th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Paylocity in a research note on Thursday, January 29th. Stephens set a $160.00 price target on Paylocity in a report on Friday, January 16th. Finally, Jefferies Financial Group dropped their price target on Paylocity from $180.00 to $150.00 and set a "buy" rating for the company in a report on Friday, February 6th. Fourteen investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $172.72.

Paylocity Price Performance

Paylocity stock opened at $109.60 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.04 and a current ratio of 1.04. Paylocity Holding Corporation has a 52 week low of $92.99 and a 52 week high of $201.97. The stock has a market capitalization of $5.91 billion, a P/E ratio of 25.79, a price-to-earnings-growth ratio of 3.17 and a beta of 0.49. The stock has a fifty day moving average of $106.90 and a 200-day moving average of $129.76.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $1.85 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.28. The company had revenue of $416.13 million during the quarter, compared to analysts' expectations of $408.37 million. Paylocity had a return on equity of 23.44% and a net margin of 14.19%.Paylocity's revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.52 EPS. On average, sell-side analysts expect that Paylocity Holding Corporation will post 5.31 earnings per share for the current fiscal year.

About Paylocity

Paylocity NASDAQ: PCTY is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company's integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.

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