Investment firms have adjusted their stakes in Paychex, Inc., Paylocity Holding Co., and Yext, Inc. as these companies report their Q4 results.
Pearl River Capital LLC has increased its stake in Paychex, Inc. by 27.3% during the 3rd quarter, owning 33,513 shares of the business services provider's stock. Moneta Group Investment Advisors LLC, Capital International Investors, Bank of New York Mellon Corp, Bank of Montreal Can, and Envestnet Asset Management Inc. have also boosted their positions in Paychex. In related news, VP Mark Anthony Bottini sold 15,481 shares of the business's stock. Paychex reported a 5.7% increase in revenue for the quarter. The company also announced a share repurchase plan and a quarterly dividend. Analysts have given Paychex a consensus rating of 'Hold' with a target price of $120.00.
Envestnet Portfolio Solutions Inc. has purchased a new position in Paylocity Holding Co. in the 3rd quarter, acquiring 6,563 shares of the software maker's stock valued at approximately $1,192,000. T. Rowe Price Investment Management Inc., Wasatch Advisors LP, Invesco Ltd., State Street Corp, and Geode Capital Management LLC have also made changes to their positions in the company. Paylocity Holding Co. has a market cap of $9.76 billion, a P/E ratio of 58.59, and a beta of 0.89. Several research analysts have recently weighed in on the company, with eight rating the stock as a hold and nine issuing a buy rating. Paylocity insiders, including Director Steven I. Sarowitz and CFO, have sold shares of the company's stock. Paylocity Holding Corporation provides cloud-based human capital management and payroll software solutions for the workforce in the United States.
Connor Clark & Lunn Investment Management Ltd. increased its position in Yext, Inc. by 34.0% during the third quarter, purchasing an additional 96,015 shares. The fund now owns 378,175 shares of Yext, valued at $2,394,000. Other large investors, including International Assets Investment Management LLC, US Bancorp DE, Lazard Asset Management LLC, Quarry LP, and DekaBank Deutsche Girozentrale, have also bought shares of Yext. Yext reported earnings of $0.09 per share for the quarter, beating the consensus estimate of $0.07. The company's revenue for the quarter was $101.16 million. Yext, Inc. organizes business facts to provide answers to consumer questions and manages consumer reviews through its cloud-based platform.
In other news, Yext has announced its acquisition of Hearsay Systems for $125 million, with a potential additional $95 million based on performance targets. The acquisition aims to create a unified digital marketing platform that enhances customer journeys. Yext's AI and machine learning technology will be combined with Hearsay's digital client engagement solutions in the financial services sector. The collaboration is expected to provide more efficient and consolidated digital marketing tools for brands to connect with customers effectively and at a reduced cost. The acquisition is set to close in the second half of Yext's fiscal year 2025.
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