Pallas Capital Advisors LLC Invests $698,000 in Paylocity Holding Corporation $PCTY

Pallas Capital Advisors LLC acquired a new position in Paylocity Holding Corporation (NASDAQ:PCTY) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,680 shares of the software maker’s stock, valued at approximately $698,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of Paylocity by 75.1% in the 4th quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after buying an additional 404,605 shares during the last quarter. Morgan Stanley grew its position in Paylocity by 117.9% in the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after acquiring an additional 442,218 shares in the last quarter. Millennium Management LLC grew its position in Paylocity by 97.7% in the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after acquiring an additional 369,975 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Paylocity by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock valued at $100,570,000 after acquiring an additional 42,725 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in Paylocity in the third quarter valued at $104,657,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PCTY has been the subject of several research analyst reports. Robert W. Baird set a $201.00 price target on Paylocity in a research note on Wednesday, August 5th. TD Cowen increased their price objective on Paylocity from $137.00 to $168.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Weiss Ratings raised Paylocity from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 11th. Stephens dropped their target price on Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research report on Friday, May 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $165.00 target price on shares of Paylocity in a research note on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $160.00.

Paylocity Trading Up 1.4%

Shares of PCTY stock opened at $149.31 on Thursday. The business has a 50-day moving average of $124.37 and a 200 day moving average of $114.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. Paylocity Holding Corporation has a 1-year low of $92.99 and a 1-year high of $182.83. The stock has a market capitalization of $7.92 billion, a PE ratio of 30.16 and a beta of 0.48.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $431.46 million. During the same period in the previous year, the firm earned $1.56 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Paylocity Holding Corporation will post 6.86 earnings per share for the current year.

Insider Activity at Paylocity

In related news, Director Steven I. Sarowitz sold 11,136 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $150.81, for a total transaction of $1,679,420.16. Following the completion of the sale, the director directly owned 4,535,052 shares in the company, valued at $683,931,192.12. This represents a 0.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 19.40% of the stock is currently owned by insiders.

Paylocity Profile

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.