Summit Creek Advisors LLC Acquires 2,354 Shares of Paylocity Holding Co. (NASDAQ:PCTY)

Summit Creek Advisors LLC increased its holdings in shares of Paylocity Holding Co. (NASDAQ:PCTY) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 133,867 shares of the software maker’s stock after purchasing an additional 2,354 shares during the quarter. Paylocity accounts for 2.4% of Summit Creek Advisors LLC’s portfolio, making the stock its 14th biggest holding. Summit Creek Advisors LLC owned about 0.24% of Paylocity worth $17,650,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Paylocity by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,833,794 shares of the software maker’s stock valued at $1,518,176,000 after purchasing an additional 278,607 shares in the last quarter. Vanguard Group Inc. increased its position in Paylocity by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 4,158,224 shares of the software maker’s stock valued at $685,483,000 after acquiring an additional 13,962 shares during the last quarter. Wasatch Advisors LP increased its position in Paylocity by 35.0% during the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock valued at $411,895,000 after acquiring an additional 621,946 shares during the last quarter. Capital International Investors increased its position in Paylocity by 119.0% during the fourth quarter. Capital International Investors now owns 1,211,021 shares of the software maker’s stock valued at $199,637,000 after acquiring an additional 658,057 shares during the last quarter. Finally, Liontrust Investment Partners LLP increased its position in Paylocity by 27.1% during the second quarter. Liontrust Investment Partners LLP now owns 810,314 shares of the software maker’s stock valued at $106,840,000 after acquiring an additional 172,807 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PCTY has been the subject of a number of research reports. Jefferies Financial Group reduced their price objective on Paylocity from $180.00 to $145.00 and set a “hold” rating for the company in a research report on Monday, June 24th. Needham & Company LLC reiterated a “buy” rating and set a $200.00 price objective on shares of Paylocity in a research report on Thursday. Stifel Nicolaus reduced their price objective on Paylocity from $205.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Citigroup reduced their price objective on Paylocity from $178.00 to $155.00 and set a “neutral” rating for the company in a research report on Tuesday, June 18th. Finally, Piper Sandler reduced their price target on Paylocity from $194.00 to $172.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.13.

Insider Activity at Paylocity

In related news, CAO Nicholas Rost sold 331 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Nicholas Rost sold 331 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $138.73, for a total transaction of $45,919.63. Following the completion of the transaction, the chief accounting officer now directly owns 4,751 shares of the company’s stock, valued at $659,106.23. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven R. Beauchamp sold 49,442 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $142.68, for a total value of $7,054,384.56. Following the transaction, the chief executive officer now directly owns 1,745,022 shares of the company’s stock, valued at $248,979,738.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,173 shares of company stock valued at $7,296,388. Insiders own 22.50% of the company’s stock.

Paylocity Trading Down 3.2 %

NASDAQ:PCTY opened at $155.32 on Friday. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $206.28. The stock has a 50-day moving average price of $148.19 and a 200 day moving average price of $155.82. The stock has a market capitalization of $8.63 billion, a P/E ratio of 45.15, a P/E/G ratio of 3.91 and a beta of 0.94.

Paylocity (NASDAQ:PCTY) last released its earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.19. Paylocity had a return on equity of 22.17% and a net margin of 14.74%. The firm had revenue of $357.30 million during the quarter, compared to analysts’ expectations of $350.29 million. During the same quarter last year, the business posted $0.76 earnings per share. The firm’s revenue was up 15.8% on a year-over-year basis. On average, research analysts predict that Paylocity Holding Co. will post 4.51 earnings per share for the current fiscal year.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers Payroll and Tax Services solution to simplifies payroll, automates processes, and manages compliance requirements within one system; and expense management, on demand payment, and garnishment solutions.