Virtu Financial LLC Acquires New Stake in Paylocity Holding Corporation (NASDAQ:PCTY)

Key Points

• Virtu Financial LLC acquired a new stake in Paylocity Holding Corporation worth approximately $460,000 by purchasing 2,454 shares in the first quarter.
• A significant percentage, 94.76%, of Paylocity's stock is owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Paylocity reported a 12.2% increase in revenue compared to the same quarter last year, beating analysts' expectations with revenue of $400.74 million.

Virtu Financial LLC acquired a new stake in Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,454 shares of the software maker's stock, valued at approximately $460,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Polen Capital Management LLC increased its holdings in Paylocity by 9.2% in the first quarter. Polen Capital Management LLC now owns 31,338 shares of the software maker's stock valued at $5,871,000 after purchasing an additional 2,649 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Paylocity by 63.5% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,610 shares of the software maker's stock valued at $10,605,000 after purchasing an additional 21,987 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Paylocity in the first quarter valued at $2,610,000. CenterBook Partners LP acquired a new stake in Paylocity in the first quarter valued at $878,000. Finally, Deutsche Bank AG increased its holdings in Paylocity by 4.0% in the first quarter. Deutsche Bank AG now owns 171,994 shares of the software maker's stock valued at $32,221,000 after purchasing an additional 6,670 shares during the period. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, SVP Andrew Cappotelli sold 1,717 shares of the firm's stock in a transaction dated 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 owned 11,953 shares of the company's stock, valued at approximately $2,112,573.22. This trade represents a 12.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 21.91% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on PCTY. Stifel Nicolaus decreased their price target on Paylocity from $250.00 to $235.00 and set a "buy" rating for the company in a report on Friday, May 2nd. BMO Capital Markets increased their price target on Paylocity from $226.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Jefferies Financial Group decreased their price target on Paylocity from $235.00 to $225.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Scotiabank began coverage on Paylocity in a report on Wednesday, April 16th. They set a "sector perform" rating and a $190.00 price target for the company. Finally, UBS Group increased their price target on Paylocity from $201.00 to $202.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $223.19.

Paylocity Stock Performance

Shares of PCTY opened at $173.73 on Thursday. Paylocity Holding Corporation has a one year low of $148.03 and a one year high of $223.80. The company has a market cap of $9.58 billion, a PE ratio of 43.32, a P/E/G ratio of 3.38 and a beta of 0.54. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a 50-day moving average of $182.29 and a 200-day moving average of $190.67.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The software maker reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.18. Paylocity had a net margin of 14.24% and a return on equity of 22.08%. The business had revenue of $400.74 million for the quarter, compared to analysts' expectations of $388.25 million. During the same quarter last year, the firm earned $1.48 EPS. The firm's revenue for the quarter was up 12.2% compared to the same quarter last year. On average, equities research analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

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.

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