Paylocity (NASDAQ:PCTY) Director Sells $68,355.00 in Stock

Key Points

• Paylocity Director Steven Sarowitz sold 441 shares for $68,355 at an average price of $155 under a pre-arranged Rule 10b5-1 plan, reducing his ownership by 0.01% to roughly 4.47 million shares.
• Paylocity recently exceeded quarterly expectations, reporting $1.84 in EPS versus the $1.62 consensus and $444.73 million in revenue, up 11% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $160.53; shares recently traded near $152, while institutional investors own 94.76% of the stock.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 441 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $155.00, for a total transaction of $68,355.00. Following the completion of the sale, the director directly owned 4,472,954 shares in the company, valued at approximately $693,307,870. This represents a 0.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Down 0.1%

Shares of PCTY traded down $0.20 during midday trading on Wednesday, reaching $152.04. The stock had a trading volume of 335,474 shares, compared to its average volume of 808,958. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 30.72 and a beta of 0.47. The company's fifty day simple moving average is $128.01 and its two-hundred day simple moving average is $115.47. Paylocity Holding Corporation has a 1-year low of $92.99 and a 1-year high of $181.97. 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 earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.22. The firm had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The company's revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.56 earnings per share. Equities research analysts expect that Paylocity Holding Corporation will post 6.86 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PCTY shares. UBS Group raised their target price on Paylocity from $122.00 to $128.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Truist Financial dropped their price target on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating on the stock in a research note on Monday, June 29th. Stephens reduced their price objective on shares of Paylocity from $160.00 to $120.00 and set an "equal weight" rating for the company in a research report on Friday, May 8th. Raymond James Financial set a $140.00 target price on shares of Paylocity in a research report on Friday, May 8th. Finally, Citigroup reiterated a "buy" rating on shares of Paylocity in a research note on Thursday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Paylocity has an average rating of "Moderate Buy" and an average target price of $160.53.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PCTY. Los Angeles Capital Management LLC purchased a new stake in shares of Paylocity in the fourth quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in Paylocity in the 3rd quarter valued at about $38,000. Optiver Holding B.V. increased its position in 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 acquiring an additional 237 shares during the period. Global Retirement Partners LLC acquired a new position in Paylocity in the 2nd quarter valued at about $27,000. Finally, Basecamp Wealth Advisors LLC raised its stake in Paylocity by 4,250.0% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker's stock valued at $28,000 after acquiring an additional 255 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.

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