Riverbridge Partners LLC Has $131.21 Million Stock Holdings in Paylocity Holding Corporation (NASDAQ:PCTY)

Riverbridge Partners LLC lessened its holdings in Paylocity Holding Corporation (NASDAQ:PCTY) by 2.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 700,362 shares of the software maker’s stock after selling 21,160 shares during the quarter. Paylocity comprises approximately 2.1% of Riverbridge Partners LLC’s portfolio, making the stock its 11th largest holding. Riverbridge Partners LLC’s holdings in Paylocity were worth $131,206,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Paylocity by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,603 shares of the software maker’s stock worth $1,916,000 after purchasing an additional 49 shares in the last quarter. Bessemer Group Inc. raised its position in Paylocity by 0.3% in the fourth quarter. Bessemer Group Inc. now owns 19,118 shares of the software maker’s stock worth $3,813,000 after purchasing an additional 51 shares in the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Paylocity by 29.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 274 shares of the software maker’s stock worth $55,000 after buying an additional 63 shares in the last quarter. HighPoint Advisor Group LLC increased its holdings in shares of Paylocity by 5.1% during the fourth quarter. HighPoint Advisor Group LLC now owns 1,559 shares of the software maker’s stock worth $326,000 after buying an additional 75 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Paylocity by 2.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,156 shares of the software maker’s stock worth $630,000 after buying an additional 77 shares in the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Paylocity Price Performance

Shares of PCTY stock opened at $176.45 on Friday. Paylocity Holding Corporation has a 52-week low of $129.94 and a 52-week high of $223.80. The stock has a market cap of $9.75 billion, a PE ratio of 44.00, a PEG ratio of 3.60 and a beta of 0.53. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.13 and a current ratio of 1.13. The firm’s 50 day moving average price is $189.84 and its two-hundred day moving average price is $195.62.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings data on Thursday, May 1st. The software maker reported $2.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.34. Paylocity had a net margin of 14.65% and a return on equity of 22.90%. The firm had revenue of $454.55 million for the quarter, compared to analysts’ expectations of $441.77 million. During the same period last year, the firm earned $2.21 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, analysts forecast that Paylocity Holding Corporation will post 4.36 EPS for the current year.

Insider Buying and Selling at Paylocity

In related news, Director Steven I. Sarowitz sold 26,252 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.91, for a total value of $5,116,777.32. Following the completion of the sale, the director now owns 420,000 shares in the company, valued at $81,862,200. This represents a 5.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 21.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Paylocity from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $235.00 price objective (down previously from $265.00) on shares of Paylocity in a report on Friday, May 2nd. Citigroup dropped their price objective on shares of Paylocity from $246.00 to $225.00 and set a “buy” rating for the company in a report on Tuesday, April 29th. JMP Securities reaffirmed a “market outperform” rating and set a $270.00 price objective on shares of Paylocity in a report on Tuesday, April 29th. Finally, Scotiabank started coverage on shares of Paylocity in a report on Wednesday, April 16th. They issued a “sector perform” rating and a $190.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $224.75.

Paylocity 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.