Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells 5,500 Shares of Stock

Key Points

• Paylocity Director Steven Sarowitz sold 5,500 shares at an average price of $166.05, generating approximately $913,275. The Rule 10b5-1 transaction reduced his ownership by 0.12%, leaving him with more than 4.4 million shares.
• Paylocity shares slipped 0.1% to $166.17, near the company’s 52-week high, while the firm reported quarterly EPS of $1.84—beating estimates—and revenue of $444.73 million, up 11% year over year.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $163.76; 12 analysts rate the stock Buy and five rate it Hold. Institutional investors own approximately 94.76% of the company.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 5,500 shares of the business's stock in a transaction that occurred 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 $734,804,626.05. This trade represents a 0.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Down 0.1%

NASDAQ PCTY traded down $0.15 on Monday, reaching $166.17. The company had a trading volume of 436,957 shares, compared to its average volume of 775,398. The firm has a market capitalization of $8.82 billion, a PE ratio of 33.57, a P/E/G ratio of 1.97 and a beta of 0.50. Paylocity Holding Corporation has a 1 year low of $92.99 and a 1 year high of $169.09. The firm has a 50-day moving average of $149.68 and a 200-day moving average of $125.94. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter last year, the company earned $1.56 earnings per share. Paylocity's revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities research analysts anticipate that Paylocity Holding Corporation will post 6.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PCTY. Cantor Fitzgerald lifted their price target on shares of Paylocity from $140.00 to $165.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. TD Cowen upped their price objective on shares of Paylocity from $168.00 to $177.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. Wall Street Zen upgraded Paylocity from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. KeyCorp raised their target price on Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Finally, Barclays lifted their target price on Paylocity from $154.00 to $162.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 13th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $163.76.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its position in Paylocity by 1.8% during the 3rd quarter. Versant Capital Management Inc now owns 4,639 shares of the software maker's stock worth $661,000 after acquiring an additional 82 shares during the period. State of Michigan Retirement System grew its stake in shares of Paylocity by 1.0% in the first quarter. State of Michigan Retirement System now owns 10,472 shares of the software maker's stock worth $1,131,000 after purchasing an additional 100 shares in the last quarter. State of Wyoming grew its stake in shares of Paylocity by 16.0% in the first quarter. State of Wyoming now owns 861 shares of the software maker's stock worth $93,000 after purchasing an additional 119 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Paylocity by 0.4% during the fourth quarter. Hsbc Holdings PLC now owns 29,653 shares of the software maker's stock valued at $4,535,000 after purchasing an additional 128 shares during the period. Finally, Elevation Wealth Partners LLC increased its holdings in shares of Paylocity by 37.7% during the third quarter. Elevation Wealth Partners LLC now owns 471 shares of the software maker's stock valued at $67,000 after purchasing an additional 129 shares during the period. 94.76% of the stock is currently owned by hedge funds and other institutional investors.

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.

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