Hilton Capital Management LLC purchased a new stake in Paylocity Holding Corp (NASDAQ:PCTY) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 706 shares of the software maker’s stock, valued at approximately $63,000.
A number of other hedge funds also recently bought and sold shares of the stock. Norges Bank acquired a new position in Paylocity during the fourth quarter worth about $12,819,000. Wasatch Advisors Inc. increased its stake in shares of Paylocity by 9.3% in the first quarter. Wasatch Advisors Inc. now owns 2,008,033 shares of the software maker’s stock valued at $179,096,000 after buying an additional 171,514 shares during the period. Westfield Capital Management Co. LP acquired a new position in shares of Paylocity in the first quarter valued at approximately $13,600,000. Federated Investors Inc. PA increased its stake in shares of Paylocity by 380.6% in the first quarter. Federated Investors Inc. PA now owns 190,223 shares of the software maker’s stock valued at $16,966,000 after buying an additional 150,642 shares during the period. Finally, FMR LLC increased its stake in shares of Paylocity by 19.5% in the fourth quarter. FMR LLC now owns 846,032 shares of the software maker’s stock valued at $50,940,000 after buying an additional 138,231 shares during the period. 64.23% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on the company. Zacks Investment Research downgraded Paylocity from a “buy” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine cut Paylocity from a “strong-buy” rating to a “buy” rating in a report on Friday, April 5th. Cantor Fitzgerald assumed coverage on Paylocity in a report on Tuesday, June 18th. They issued an “overweight” rating on the stock. Jefferies Financial Group upped their target price on Paylocity from $85.00 to $103.00 and gave the company a “hold” rating in a report on Friday, May 3rd. Finally, Raymond James upped their target price on Paylocity from $105.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, May 17th. Five investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $91.07.
Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.19. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The business had revenue of $139.60 million during the quarter, compared to analyst estimates of $135.97 million. During the same period in the prior year, the firm posted $0.71 EPS. Paylocity’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, equities analysts predict that Paylocity Holding Corp will post 0.56 earnings per share for the current year.
In other Paylocity news, SVP Edward W. Gaty sold 7,768 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $97.54, for a total value of $757,690.72. Following the completion of the transaction, the senior vice president now owns 126,392 shares in the company, valued at approximately $12,328,275.68. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Steven I. Sarowitz sold 166,489 shares of Paylocity stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $95.53, for a total value of $15,904,694.17. Following the sale, the director now owns 14,569,464 shares of the company’s stock, valued at approximately $1,391,820,895.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 285,192 shares of company stock valued at $27,120,606. Insiders own 41.20% of the company’s stock.
Paylocity Company Profile
Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.
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