Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $913,275.00 in Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 5,500 shares of the company’s stock in a transaction on Friday, October 16th. The stock was sold at an average price of $166.05, for a total value of $913,275.00. Following the transaction, the director directly owned 4,425,201 shares in the company, valued at approximately $734,804,626.05. The trade was a 0.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

Shares of PCTY opened at $169.33 on Thursday. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month high of $171.81. The stock has a fifty day moving average price of $151.06 and a 200-day moving average price of $127.26. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The firm has a market cap of $8.98 billion, a PE ratio of 34.21, a P/E/G ratio of 2.02 and a beta of 0.50.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share 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 firm had revenue of $444.73 million during the quarter, compared to analysts’ expectations of $431.46 million. During the same quarter last year, the firm earned $1.56 EPS. The business’s quarterly revenue was up 11.0% on a year-over-year basis. Equities research analysts predict that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PCTY has been the topic of several research analyst reports. Cantor Fitzgerald boosted their target price on shares of Paylocity from $140.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Zacks Research cut shares of Paylocity from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Weiss Ratings raised shares of Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. TD Cowen lifted their price objective on shares of Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Finally, BMO Capital Markets boosted their price objective on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $165.53.

Institutional Investors Weigh In On Paylocity

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Paylocity during the 2nd quarter worth approximately $430,315,000. Jupiter Topco LLC purchased a new stake in shares of Paylocity in the 2nd quarter valued at $70,540,000. Amundi boosted its holdings in shares of Paylocity by 9.5% in the 2nd quarter. Amundi now owns 663,449 shares of the software maker’s stock valued at $69,350,000 after acquiring an additional 57,291 shares during the last quarter. Van Berkom & Associates Inc. increased its stake in shares of Paylocity by 17.8% in the first quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker’s stock worth $66,597,000 after acquiring an additional 93,065 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Paylocity in the second quarter worth $54,906,000. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Paylocity News Roundup

Here are the key news stories impacting Paylocity this week:

• Positive Sentiment: Citizens JMP raised its Paylocity price target from $150 to $180 and maintained a “market outperform” rating, implying further upside from recent trading levels. Paylocity price target raised by Citizens JMP
• Positive Sentiment: Paylocity’s latest quarterly results showed solid execution: adjusted earnings of $1.84 per share exceeded the $1.62 consensus estimate, revenue reached $444.73 million versus expectations of $431.46 million, and revenue increased 11% year over year. Analysts broadly maintain a favorable view, with a consensus rating of “Moderate Buy.”
• Neutral Sentiment: Institutional ownership remains high at approximately 94.8%. Several investment firms initiated positions or increased their holdings during the third quarter, although the individual transactions were relatively small and do not necessarily indicate a major change in sentiment.
• Negative Sentiment: Director Steven Sarowitz sold 10,445 shares for approximately $1.74 million on October 19, following a sale of 5,500 shares worth about $913,000 on October 16. The transactions were conducted under a pre-arranged Rule 10b5-1 plan, and the combined sales reduced his ownership by only about 0.36%; however, insider selling can create modest near-term pressure, particularly with the stock trading near its 52-week high. Steven Sarowitz insider transactions

Paylocity Company Profile

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.