Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $493,136.00 in Stock

Key Points

• Paylocity director Craig Conway sold 3,145 shares for approximately $493,136, reducing his direct ownership by 58.76% to 2,207 shares.
• Paylocity shares rose 1.5% to $160.22, near the analyst consensus price target of $160.53; the stock carries a “Moderate Buy” consensus rating.
• The company exceeded quarterly expectations, reporting $1.84 in earnings per share and $444.73 million in revenue, with revenue up 11% year over year.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Craig Conway sold 3,145 shares of Paylocity stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $156.80, for a total transaction of $493,136.00. Following the transaction, the director directly owned 2,207 shares in the company, valued at approximately $346,057.60. This represents a 58.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Paylocity Trading Up 1.5%

Shares of PCTY traded up $2.29 during trading hours on Monday, reaching $160.22. The stock had a trading volume of 1,039,443 shares, compared to its average volume of 803,371. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 52 week low of $92.99 and a 52 week high of $180.86. The firm has a 50-day moving average of $131.32 and a 200 day moving average of $116.25. The company has a market cap of $8.50 billion, a P/E ratio of 32.37 and a beta of 0.47.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $431.46 million. During the same period in the previous year, the company posted $1.56 earnings per share. The company's revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paylocity

A number of large investors have recently modified their holdings of the business. California State Teachers Retirement System grew its stake in shares of Paylocity by 18.9% in the first quarter. California State Teachers Retirement System now owns 49,614 shares of the software maker's stock valued at $5,360,000 after acquiring an additional 7,891 shares in the last quarter. Deutsche Bank AG bought a new stake in Paylocity in the 2nd quarter valued at about $54,906,000. UBS Group AG boosted its holdings in Paylocity by 38.3% in the 4th quarter. UBS Group AG now owns 415,879 shares of the software maker's stock valued at $63,422,000 after purchasing an additional 115,111 shares during the period. BlackRock Inc. acquired a new position in shares of Paylocity during the 2nd quarter worth approximately $430,315,000. Finally, Royal Bank of Canada grew its position in shares of Paylocity by 40.5% during the 1st quarter. Royal Bank of Canada now owns 134,181 shares of the software maker's stock worth $14,496,000 after purchasing an additional 38,697 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PCTY has been the subject of a number of research reports. Jefferies Financial Group reissued a "buy" rating and set a $165.00 target price on shares of Paylocity in a research note on Wednesday, August 5th. Wall Street Zen lowered shares of Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Truist Financial reduced their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a report on Monday, June 29th. Cantor Fitzgerald increased their price objective 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. Finally, Barclays boosted their price objective on shares of Paylocity from $128.00 to $154.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $160.53.

About Paylocity

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.

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