King Luther Capital Management Corp Increases Holdings in Paylocity Holding Co. (NASDAQ:PCTY)

King Luther Capital Management Corp grew its stake in Paylocity Holding Co. (NASDAQ:PCTY) by 1.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,981 shares of the software maker’s stock after acquiring an additional 103 shares during the quarter. King Luther Capital Management Corp’s holdings in Paylocity were worth $1,316,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital International Investors raised its stake in shares of Paylocity by 119.0% in the 4th 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 period. Wasatch Advisors LP raised its stake in Paylocity by 35.0% during the first quarter. Wasatch Advisors LP now owns 2,396,692 shares of the software maker’s stock worth $411,895,000 after acquiring an additional 621,946 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Paylocity by 3.3% during the 1st 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 during the period. Capital Research Global Investors bought a new position in shares of Paylocity during the first quarter worth about $46,902,000. Finally, Owls Nest Partners IA LLC acquired a new position in shares of Paylocity during the fourth quarter worth approximately $29,038,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Stock Down 0.5 %

Shares of PCTY opened at $162.58 on Monday. The firm has a fifty day simple moving average of $154.14 and a two-hundred day simple moving average of $154.68. The stock has a market capitalization of $9.17 billion, a P/E ratio of 47.26, a PEG ratio of 3.80 and a beta of 0.94. Paylocity Holding Co. has a twelve month low of $129.94 and a twelve month high of $206.28.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, August 1st. The software maker reported $1.48 earnings per share 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 company had revenue of $357.30 million for the quarter, compared to analysts’ expectations of $350.29 million. During the same period in the prior year, the firm earned $0.76 earnings per share. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. Sell-side analysts expect that Paylocity Holding Co. will post 4.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Ryan Glenn sold 1,400 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $140.06, for a total transaction of $196,084.00. Following the completion of the sale, the chief financial officer now owns 31,074 shares of the company’s stock, valued at $4,352,224.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 owns 1,745,022 shares in the company, valued at approximately $248,979,738.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Ryan Glenn sold 1,400 shares of Paylocity stock in a transaction on Monday, July 15th. The stock was sold at an average price of $140.06, for a total transaction of $196,084.00. Following the transaction, the chief financial officer now owns 31,074 shares in the company, valued at approximately $4,352,224.44. The disclosure for this sale can be found here. 22.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PCTY has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their target price on Paylocity from $205.00 to $185.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Truist Financial dropped their price objective on Paylocity from $200.00 to $195.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. KeyCorp cut their price objective on Paylocity from $200.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday, July 19th. Needham & Company LLC reiterated a “buy” rating and issued a $200.00 target price on shares of Paylocity in a research note on Thursday, September 5th. Finally, TD Cowen dropped their price objective on Paylocity from $180.00 to $153.00 and set a “buy” rating for the company in a research note on Thursday, June 20th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Paylocity has an average rating of “Moderate Buy” and an average target price of $179.13.

Paylocity Company Profile

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.