Bank of Montreal Can Purchases 14,555 Shares of Paylocity Holding Corp (NASDAQ:PCTY)

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Bank of Montreal Can raised its holdings in Paylocity Holding Corp (NASDAQ:PCTY) by 214.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,349 shares of the software maker’s stock after buying an additional 14,555 shares during the quarter. Bank of Montreal Can’s holdings in Paylocity were worth $1,905,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in shares of Paylocity by 0.5% during the 4th quarter. BlackRock Inc. now owns 2,262,906 shares of the software maker’s stock worth $136,250,000 after purchasing an additional 11,613 shares in the last quarter. Standard Life Aberdeen plc grew its holdings in shares of Paylocity by 7.6% during the 4th quarter. Standard Life Aberdeen plc now owns 1,596,676 shares of the software maker’s stock worth $94,923,000 after purchasing an additional 113,109 shares in the last quarter. FMR LLC grew its holdings in shares of Paylocity by 19.5% during the 4th quarter. FMR LLC now owns 846,032 shares of the software maker’s stock worth $50,940,000 after purchasing an additional 138,231 shares in the last quarter. Conestoga Capital Advisors LLC grew its holdings in shares of Paylocity by 1.1% during the 1st quarter. Conestoga Capital Advisors LLC now owns 588,637 shares of the software maker’s stock worth $52,501,000 after purchasing an additional 6,305 shares in the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Paylocity by 0.7% during the 4th quarter. Brown Advisory Inc. now owns 547,968 shares of the software maker’s stock worth $32,993,000 after purchasing an additional 3,541 shares in the last quarter. 64.23% of the stock is currently owned by hedge funds and other institutional investors.

PCTY has been the topic of several recent research reports. Craig Hallum reissued a “hold” rating and set a $97.00 price objective (up previously from $78.00) on shares of Paylocity in a report on Friday, May 3rd. KeyCorp initiated coverage on Paylocity in a report on Tuesday, April 16th. They set an “overweight” rating and a $104.00 price objective on the stock. SunTrust Banks lifted their price objective on Paylocity to $108.00 and gave the stock a “positive” rating in a report on Friday, May 3rd. Zacks Investment Research raised Paylocity from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Friday, February 15th. Finally, Raymond James raised their target price on Paylocity from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, May 17th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $90.50.

In other Paylocity news, CEO Steven R. Beauchamp sold 55,000 shares of Paylocity stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $96.40, for a total value of $5,302,000.00. Following the completion of the transaction, the chief executive officer now owns 1,881,682 shares in the company, valued at approximately $181,394,144.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven I. Sarowitz sold 166,489 shares of Paylocity stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $95.53, for a total value of $15,904,694.17. Following the completion of the transaction, the director now owns 14,569,464 shares of the company’s stock, valued at approximately $1,391,820,895.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 285,192 shares of company stock valued at $27,120,606. Corporate insiders own 41.20% of the company’s stock.

Shares of Paylocity stock traded down $4.40 during midday trading on Tuesday, hitting $97.77. 278,158 shares of the company were exchanged, compared to its average volume of 295,050. The company has a market capitalization of $5.21 billion, a PE ratio of 315.39, a price-to-earnings-growth ratio of 8.71 and a beta of 1.91. Paylocity Holding Corp has a 52 week low of $53.46 and a 52 week high of $103.80.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.19. Paylocity had a return on equity of 15.29% and a net margin of 9.52%. The business had revenue of $139.60 million during the quarter, compared to the consensus estimate of $135.97 million. During the same quarter last year, the company earned $0.71 EPS. Paylocity’s revenue was up 23.1% on a year-over-year basis. On average, sell-side analysts anticipate that Paylocity Holding Corp will post 0.56 EPS for the current year.

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Paylocity Profile

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; 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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