Bryce Point Capital LLC Cuts Stock Position in Paylocity Holding Corporation (NASDAQ:PCTY)

Bryce Point Capital LLC lessened its stake in shares of Paylocity Holding Corporation (NASDAQ:PCTY) by 42.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,027 shares of the software maker’s stock after selling 2,919 shares during the quarter. Bryce Point Capital LLC’s holdings in Paylocity were worth $770,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Paylocity by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,029,402 shares of the software maker’s stock worth $803,745,000 after purchasing an additional 46,183 shares during the last quarter. Invesco Ltd. raised its stake in shares of Paylocity by 31.7% during the fourth quarter. Invesco Ltd. now owns 1,332,213 shares of the software maker’s stock worth $265,737,000 after purchasing an additional 320,319 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Paylocity by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 1,073,988 shares of the software maker’s stock worth $214,275,000 after purchasing an additional 25,182 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Paylocity by 0.8% during the fourth quarter. JPMorgan Chase & Co. now owns 863,787 shares of the software maker’s stock worth $172,300,000 after purchasing an additional 7,251 shares during the last quarter. Finally, FMR LLC raised its stake in shares of Paylocity by 138.5% during the fourth quarter. FMR LLC now owns 650,599 shares of the software maker’s stock worth $129,775,000 after purchasing an additional 377,835 shares during the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity Stock Down 0.1%

Paylocity stock opened at $187.86 on Friday. 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 has a market capitalization of $10.38 billion, a price-to-earnings ratio of 46.85, a price-to-earnings-growth ratio of 3.69 and a beta of 0.50. Paylocity Holding Corporation has a fifty-two week low of $142.00 and a fifty-two week high of $223.80. The stock’s fifty day moving average is $185.72 and its two-hundred day moving average is $192.01.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on PCTY. Stephens began coverage on Paylocity in a research note on Monday, July 21st. They set an “equal weight” rating and a $200.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $258.00 price objective (up previously from $254.00) on shares of Paylocity in a report on Friday, May 2nd. Citigroup dropped their price objective on Paylocity from $225.00 to $218.00 and set a “buy” rating on the stock in a report on Monday, July 21st. Stifel Nicolaus dropped their price objective on Paylocity from $250.00 to $235.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Finally, Wall Street Zen raised Paylocity from a “hold” rating to a “buy” rating in a report on Monday, May 12th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $221.76.

Insider Activity at Paylocity

In related news, SVP Andrew Cappotelli sold 1,717 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $176.74, for a total transaction of $303,462.58. Following the sale, the senior vice president owned 11,953 shares of the company’s stock, valued at $2,112,573.22. This trade represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 21.91% of the stock is currently owned by insiders.

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.