Highbridge Capital Management LLC Purchases New Stake in Paylocity Holding Corp (PCTY)

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Highbridge Capital Management LLC purchased a new position in shares of Paylocity Holding Corp (NASDAQ:PCTY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,778 shares of the software maker’s stock, valued at approximately $296,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cubist Systematic Strategies LLC boosted its position in shares of Paylocity by 150.0% during the first quarter. Cubist Systematic Strategies LLC now owns 13,912 shares of the software maker’s stock worth $713,000 after purchasing an additional 8,348 shares in the last quarter. Zevenbergen Capital Investments LLC bought a new position in shares of Paylocity during the first quarter worth $30,851,000. We Are One Seven LLC boosted its position in shares of Paylocity by 431.9% during the first quarter. We Are One Seven LLC now owns 2,404 shares of the software maker’s stock worth $123,000 after purchasing an additional 1,952 shares in the last quarter. Diker Management LLC bought a new stake in Paylocity in the 1st quarter valued at $3,586,000. Finally, A.R.T. Advisors LLC lifted its position in Paylocity by 47.0% in the 1st quarter. A.R.T. Advisors LLC now owns 43,187 shares of the software maker’s stock valued at $2,212,000 after acquiring an additional 13,800 shares in the last quarter. 63.12% of the stock is currently owned by institutional investors.

Shares of PCTY stock opened at $59.17 on Wednesday. Paylocity Holding Corp has a 1 year low of $41.15 and a 1 year high of $64.21. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 394.47, a price-to-earnings-growth ratio of 7.45 and a beta of 2.00.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, May 3rd. The software maker reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.39. Paylocity had a net margin of 10.17% and a return on equity of 11.74%. The firm had revenue of $113.41 million for the quarter, compared to analyst estimates of $110.74 million. During the same period in the previous year, the business earned $0.40 EPS. The company’s revenue was up 25.6% compared to the same quarter last year. equities research analysts anticipate that Paylocity Holding Corp will post 0.38 earnings per share for the current fiscal year.

In other Paylocity news, SVP Edward W. Gaty sold 14,287 shares of Paylocity stock in a transaction on Friday, June 1st. The shares were sold at an average price of $59.92, for a total value of $856,077.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Steven I. Sarowitz sold 80,000 shares of Paylocity stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $55.50, for a total transaction of $4,440,000.00. The disclosure for this sale can be found here. Insiders sold a total of 494,072 shares of company stock worth $29,279,094 over the last quarter. Company insiders own 48.80% of the company’s stock.

Several research firms recently commented on PCTY. BidaskClub cut shares of Paylocity from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 3rd. SunTrust Banks raised shares of Paylocity from a “hold” rating to a “buy” rating and cut their price objective for the company from $52.72 to $45.00 in a research report on Monday, March 12th. Robert W. Baird boosted their price objective on shares of Paylocity to $56.00 and gave the company an “outperform” rating in a research report on Monday, May 7th. Mizuho reaffirmed a “hold” rating and issued a $45.00 price objective on shares of Paylocity in a research report on Tuesday, April 24th. Finally, TheStreet raised shares of Paylocity from a “c+” rating to a “b+” rating in a research report on Wednesday, May 23rd. Four research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $55.33.

Paylocity Company Profile

Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management and HR compliance and reporting; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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Institutional Ownership by Quarter for Paylocity (NASDAQ:PCTY)

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