Paylocity Holding Corporation $PCTY Stake Increased by Kestra Investment Management LLC

Kestra Investment Management LLC increased its holdings in shares of Paylocity Holding Corporation (NASDAQ:PCTY - Free Report) by 204.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,152 shares of the software maker's stock after buying an additional 11,520 shares during the quarter. Kestra Investment Management LLC's holdings in Paylocity were worth $3,108,000 as of its most recent filing with the Securities and Exchange Commission.3 Payroll Software Makers Set For Growth In 2023Several other hedge funds have also recently bought and sold shares of PCTY. Capital Fund Management S.A. bought a new stake in shares of Paylocity in the 2nd quarter valued at approximately $6,877,000. Voya Investment Management LLC increased its stake in shares of Paylocity by 62.5% during the 1st quarter. Voya Investment Management LLC now owns 44,516 shares of the software maker's stock worth $8,340,000 after purchasing an additional 17,118 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Paylocity by 342.1% during the 2nd quarter. Prudential Financial Inc. now owns 68,883 shares of the software maker's stock valued at $12,481,000 after purchasing an additional 53,302 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of Paylocity in the 2nd quarter valued at $2,283,000. Finally, Millennium Management LLC boosted its holdings in Paylocity by 86.8% in the first quarter. Millennium Management LLC now owns 211,995 shares of the software maker's stock worth $39,715,000 after purchasing an additional 98,520 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors. Wall Street Analysts Forecast GrowthA number of brokerages have weighed in on PCTY. Barclays reduced their price target on Paylocity from $195.00 to $175.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 21st. Guggenheim raised Paylocity from a "neutral" rating to a "buy" rating and set a $180.00 target price for the company in a research report on Monday, November 10th. Cowen restated a "buy" rating on shares of Paylocity in a research note on Monday, October 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Paylocity in a report on Monday, December 8th. Finally, JMP Securities set a $245.00 price target on Paylocity in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.83.3 Software Plays Showing Signs of RecoveryGet Our Latest Analysis on PCTYInsider Buying and SellingIn other Paylocity news, CFO Ryan Glenn sold 1,737 shares of Paylocity stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $143.65, for a total transaction of $249,520.05. Following the sale, the chief financial officer owned 77,229 shares in the company, valued at $11,093,945.85. The trade was a 2.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 19.40% of the stock is currently owned by company insiders. Paylocity Stock Up 1.1%Shares of PCTY opened at $150.89 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.07 and a current ratio of 1.07. The company has a 50-day simple moving average of $147.61 and a 200-day simple moving average of $167.52. Paylocity Holding Corporation has a 52 week low of $135.46 and a 52 week high of $223.80. The firm has a market capitalization of $8.21 billion, a P/E ratio of 37.82, a P/E/G ratio of 4.47 and a beta of 0.57. Paylocity (NASDAQ:PCTY - Get Free Report) last released its earnings results on Tuesday, November 4th. The software maker reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.23. The business had revenue of $408.17 million for the quarter, compared to the consensus estimate of $399.53 million. Paylocity had a return on equity of 22.07% and a net margin of 13.75%.The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the business earned $1.66 earnings per share. On average, equities research analysts expect that Paylocity Holding Corporation will post 4.36 earnings per share for the current year. About Paylocity (Free Report)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.Featured ArticlesFive stocks we like better than PaylocityValue Investing: Is it a Good Strategy in 2022? 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