JPMorgan Chase & Co. Raises Stock Position in Paylocity Holding Corporation $PCTY

JPMorgan Chase & Co. boosted its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 22.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 555,393 shares of the software maker’s stock after purchasing an additional 100,400 shares during the period. JPMorgan Chase & Co. owned about 1.02% of Paylocity worth $88,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in shares of Paylocity by 4.0% during the 2nd quarter. American Century Companies Inc. now owns 534,843 shares of the software maker’s stock valued at $96,909,000 after buying an additional 20,649 shares during the last quarter. AQR Capital Management LLC grew its holdings in Paylocity by 500.6% during the second quarter. AQR Capital Management LLC now owns 449,935 shares of the software maker’s stock worth $81,438,000 after acquiring an additional 375,023 shares during the period. Ameriprise Financial Inc. raised its position in Paylocity by 1.3% during the second quarter. Ameriprise Financial Inc. now owns 434,789 shares of the software maker’s stock valued at $78,779,000 after acquiring an additional 5,623 shares in the last quarter. Qube Research & Technologies Ltd raised its position in Paylocity by 120.3% during the second quarter. Qube Research & Technologies Ltd now owns 342,416 shares of the software maker’s stock valued at $62,042,000 after acquiring an additional 186,952 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Paylocity by 80.3% in the second quarter. Bank of America Corp DE now owns 289,553 shares of the software maker’s stock valued at $52,464,000 after acquiring an additional 128,972 shares during the period. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Stock Down 3.5%

Shares of NASDAQ PCTY opened at $101.95 on Tuesday. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 3.04 and a beta of 0.54. The company’s 50-day simple moving average is $136.59 and its 200-day simple moving average is $150.45. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 52-week low of $100.90 and a 52-week high of $210.35.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 5th. The software maker reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.28. Paylocity had a net margin of 14.19% and a return on equity of 23.44%. The firm had revenue of $416.13 million for the quarter, compared to analyst estimates of $408.37 million. During the same period last year, the company posted $1.52 EPS. Paylocity’s quarterly revenue was up 10.4% compared to the same quarter last year. Equities analysts predict that Paylocity Holding Corporation will post 4.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PCTY shares. Truist Financial dropped their price objective on shares of Paylocity from $240.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Wall Street Zen lowered shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Sunday. BMO Capital Markets cut their price objective on shares of Paylocity from $185.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Weiss Ratings lowered shares of Paylocity from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 27th. Finally, Zacks Research upgraded Paylocity from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $180.05.

About Paylocity

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.