First Mercantile Trust Co. boosted its position in shares of Paylocity Holding Corp (NASDAQ:PCTY) by 13.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,350 shares of the software maker’s stock after buying an additional 850 shares during the period. First Mercantile Trust Co.’s holdings in Paylocity were worth $656,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Hardy Reed LLC bought a new position in Paylocity during the first quarter valued at approximately $247,000. California Public Employees Retirement System boosted its stake in Paylocity by 13.3% during the first quarter. California Public Employees Retirement System now owns 43,151 shares of the software maker’s stock valued at $3,849,000 after buying an additional 5,070 shares during the last quarter. SG Americas Securities LLC bought a new position in Paylocity during the first quarter valued at approximately $132,000. Bank of Montreal Can boosted its stake in Paylocity by 214.2% during the first quarter. Bank of Montreal Can now owns 21,349 shares of the software maker’s stock valued at $1,905,000 after buying an additional 14,555 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Paylocity during the first quarter valued at approximately $1,830,000. 65.29% of the stock is owned by institutional investors.
PCTY has been the topic of a number of recent research reports. Zacks Investment Research upgraded Paylocity from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a research report on Monday, April 8th. SunTrust Banks upped their price objective on Paylocity to $108.00 and gave the company a “positive” rating in a research report on Friday, May 3rd. ValuEngine downgraded Paylocity from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 5th. Jefferies Financial Group upped their price objective on Paylocity from $85.00 to $103.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, KeyCorp initiated coverage on Paylocity in a research report on Tuesday, April 16th. They set an “overweight” rating and a $104.00 price objective on the stock. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Paylocity presently has a consensus rating of “Buy” and a consensus target price of $88.57.
Shares of NASDAQ PCTY opened at $93.39 on Tuesday. Paylocity Holding Corp has a fifty-two week low of $52.93 and a fifty-two week high of $99.80. The company has a market capitalization of $4.95 billion, a PE ratio of 301.26, a price-to-earnings-growth ratio of 8.46 and a beta of 2.07.
Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.19. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The firm had revenue of $139.60 million for the quarter, compared to the consensus estimate of $135.97 million. During the same period in the prior year, the business posted $0.71 earnings per share. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. As a group, research analysts anticipate that Paylocity Holding Corp will post 0.56 EPS for the current year.
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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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