Paylocity Holding Corporation (NASDAQ:PCTY) Shares Bought by Vestcor Inc

Key Points

• Vestcor Inc increased its stake in Paylocity Holding Corporation by 33.3%, acquiring an additional 5,000 shares, bringing its total holdings to 20,000 shares valued at approximately $3.75 million.
• Insider transactions were noted, with SVP Andrew Cappotelli selling 1,717 shares at an average price of $176.74, resulting in a 12.56% decline in his ownership.
• Paylocity reported a 13.3% increase in quarterly revenue compared to last year, achieving earnings per share of $2.43, which surpassed analysts' expectations.

Vestcor Inc lifted its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the software maker's stock after acquiring an additional 5,000 shares during the period. Vestcor Inc's holdings in Paylocity were worth $3,747,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. TCTC Holdings LLC increased its holdings in shares of Paylocity by 115.9% during the 1st quarter. TCTC Holdings LLC now owns 149 shares of the software maker's stock worth $28,000 after buying an additional 80 shares during the last quarter. LPL Financial LLC grew its position in Paylocity by 21.1% during the first quarter. LPL Financial LLC now owns 23,140 shares of the software maker's stock valued at $4,167,000 after acquiring an additional 4,033 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Paylocity by 4.5% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,123 shares of the software maker's stock worth $2,271,000 after acquiring an additional 525 shares during the last quarter. Mediolanum International Funds Ltd raised its holdings in shares of Paylocity by 81.8% in the 1st quarter. Mediolanum International Funds Ltd now owns 63,602 shares of the software maker's stock worth $11,851,000 after purchasing an additional 28,624 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Paylocity by 30.8% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 197,059 shares of the software maker's stock worth $36,897,000 after purchasing an additional 46,400 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Stock Up 1.5%

Shares of NASDAQ:PCTY traded up $2.78 during trading on Monday, hitting $184.21. The company's stock had a trading volume of 228,785 shares, compared to its average volume of 467,495. The company has a market capitalization of $10.17 billion, a PE ratio of 45.95, a PEG ratio of 3.59 and a beta of 0.54. Paylocity Holding Corporation has a fifty-two week low of $146.02 and a fifty-two week high of $223.80. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. The stock's 50-day moving average price is $184.52 and its two-hundred day moving average price is $191.72.

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

Insider Activity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the company's 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 sale, the senior vice president directly owned 11,953 shares of the company's stock, valued at $2,112,573.22. This represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 21.91% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PCTY. Needham & Company LLC reiterated a "buy" rating and set a $250.00 target price on shares of Paylocity in a report on Friday, July 18th. Barclays decreased their price objective on shares of Paylocity from $209.00 to $190.00 and set an "equal weight" rating for the company in a research note on Monday, July 21st. Piper Sandler reissued an "overweight" rating and issued a $258.00 target price (up previously from $254.00) on shares of Paylocity in a research note on Friday, May 2nd. Stephens began coverage on shares of Paylocity in a report on Monday, July 21st. They set an "equal weight" rating and a $200.00 target price on the stock. Finally, UBS Group increased their price target on Paylocity from $195.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $223.13.

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.