Steven Sarowitz Sells 19,459 Shares of Paylocity (NASDAQ:PCTY) Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 19,459 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the transaction, the director directly owned 4,453,495 shares of the company’s stock, valued at $702,672,441.10. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Down 2.6%

PCTY stock opened at $156.02 on Wednesday. The stock has a market cap of $8.28 billion, a P/E ratio of 31.52 and a beta of 0.45. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a twelve month low of $92.99 and a twelve month high of $178.91. The company’s 50 day moving average is $133.64 and its two-hundred day moving average is $116.91.

Paylocity (NASDAQ:PCTY) last posted its earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The firm had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. During the same period last year, the firm posted $1.56 EPS. The company’s revenue was up 11.0% on a year-over-year basis. Research analysts expect that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PCTY shares. Cantor Fitzgerald boosted their target price on Paylocity from $140.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Robert W. Baird set a $201.00 price target on Paylocity in a research note on Wednesday, August 5th. Wall Street Zen lowered Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Stephens reduced their price objective on Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Finally, BTIG Research increased their price objective on Paylocity from $150.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $160.53.

Institutional Trading of Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Optiver Holding B.V. grew its stake in shares of Paylocity by 5,925.0% in the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after purchasing an additional 237 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Paylocity during the second quarter worth approximately $27,000. Basecamp Wealth Advisors LLC raised its stake in shares of Paylocity by 4,250.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock worth $28,000 after purchasing an additional 255 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Paylocity in the 4th quarter valued at $30,000. Finally, Elevation Wealth Partners LLC grew its position in Paylocity by 500.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock valued at $36,000 after buying an additional 285 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity (NASDAQ: PCTY) is a leading provider of cloud-based payroll and human capital management (HCM) software designed to streamline workforce administration for mid-sized organizations. The company’s integrated platform automates core functions such as payroll processing, benefits administration, time and labor tracking, and compliance management, enabling employers to manage employee data more efficiently and reduce administrative burdens.

In addition to payroll and HR capabilities, Paylocity offers talent management solutions including recruiting, onboarding, performance tracking, and learning management.