Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells 12,846 Shares of Stock

Key Points

• Paylocity director Steven Sarowitz sold 12,846 shares at an average price of $176.87, generating approximately $2.27 million. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct ownership by 0.29%.
• Paylocity shares fell 0.4% to $176.46, near their 12-month high of $178.53. The company reported quarterly earnings and revenue above analyst expectations, with revenue up 11% year over year.
• Institutional investors own 94.76% of the stock, while analysts maintain a consensus “Moderate Buy” rating; 12 analysts rate it a Buy and five rate it a Hold.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 12,846 shares of the stock in a transaction on Friday, October 23rd. The stock was sold at an average price of $176.87, for a total transaction of $2,272,072.02. Following the transaction, the director directly owned 4,377,469 shares in the company, valued at $774,242,942.03. The trade was a 0.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Down 0.4%

NASDAQ PCTY traded down $0.73 during trading on Monday, hitting $176.46. 592,329 shares of the company traded hands, compared to its average volume of 770,822. Paylocity Holding Corporation has a 12 month low of $92.99 and a 12 month high of $178.53. The business has a fifty day simple moving average of $152.14 and a 200 day simple moving average of $128.26. 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 company has a market capitalization of $9.21 billion, a P/E ratio of 35.65, a PEG ratio of 2.10 and a beta of 0.50.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $444.73 million during the quarter, compared to analysts' expectations of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%. The business's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.56 earnings per share. As a group, sell-side analysts predict that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Institutional Investors Weigh In On Paylocity

Large investors have recently bought and sold shares of the business. Apollon Wealth Management LLC acquired a new position in shares of Paylocity during the third quarter worth about $245,000. Signaturefd LLC raised its position in Paylocity by 7.2% in the 3rd quarter. Signaturefd LLC now owns 3,520 shares of the software maker's stock valued at $502,000 after buying an additional 237 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in Paylocity by 10.8% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 3,373 shares of the software maker's stock valued at $481,000 after acquiring an additional 329 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Paylocity in the 3rd quarter valued at approximately $281,000. Finally, MBL Wealth LLC bought a new stake in Paylocity in the 3rd quarter valued at approximately $287,000. 94.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Jefferies Financial Group reaffirmed a "buy" rating and set a $165.00 target price on shares of Paylocity in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Paylocity from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, September 22nd. Truist Financial lowered their price target on Paylocity from $180.00 to $165.00 and set a "buy" rating on the stock in a research report on Monday, June 29th. Cantor Fitzgerald lifted their price objective on Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Finally, Zacks Research cut Paylocity from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Paylocity presently has a consensus rating of "Moderate Buy" and an average price target of $167.88.

About Paylocity

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.