Paylocity (NASDAQ:PCTY) Director Sells $72,016.00 in Stock

Key Points

• Director Steven Sarowitz sold 400 Paylocity shares for $72,016 under a pre-arranged Rule 10b5-1 plan, reducing his stake by 0.01%; he retained about 4.34 million shares.
• Paylocity beat quarterly expectations, reporting adjusted earnings of $2.09 per share and revenue of $451.67 million; revenue rose 10.7% year over year.
• Analysts rated the stock a consensus Moderate Buy, with an average price target of $177.82; 12 analysts rated it Buy and five rated it Hold.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 400 shares of the firm's stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $180.04, for a total transaction of $72,016.00. Following the completion of the sale, the director owned 4,340,695 shares of the company's stock, valued at approximately $781,498,727.80. The trade was a 0.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

PCTY traded down $0.70 during trading on Friday, reaching $178.22. The company's stock had a trading volume of 533,578 shares, compared to its average volume of 775,249. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.09 and a current ratio of 1.04. The company's fifty day moving average price is $157.85 and its 200-day moving average price is $128.12. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $181.57. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of 34.54, a price-to-earnings-growth ratio of 2.05 and a beta of 0.43.

Paylocity (NASDAQ:PCTY - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The software maker reported $2.09 EPS for the quarter, beating the consensus estimate of $1.93 by $0.16. Paylocity had a return on equity of 27.59% and a net margin of 15.40%. The business had revenue of $451.67 million during the quarter, compared to analysts' expectations of $443.12 million. During the same period last year, the firm earned $1.75 EPS. The company's quarterly revenue was up 10.7% compared to the same quarter last year. On average, equities analysts forecast that Paylocity Holding Corporation will post 6.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paylocity

Institutional investors have recently made changes to their positions in the stock. Diversified Trust Co grew its stake in Paylocity by 0.8% during the third quarter. Diversified Trust Co now owns 9,412 shares of the software maker's stock worth $1,342,000 after buying an additional 78 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Paylocity by 1.8% during the 3rd quarter. Versant Capital Management Inc now owns 4,639 shares of the software maker's stock valued at $661,000 after acquiring an additional 82 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Paylocity by 2.9% during the 3rd quarter. Allworth Financial LP now owns 3,328 shares of the software maker's stock valued at $474,000 after acquiring an additional 93 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Paylocity by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 10,472 shares of the software maker's stock valued at $1,131,000 after acquiring an additional 100 shares in the last quarter. Finally, State of Wyoming boosted its position in Paylocity by 16.0% during the 1st quarter. State of Wyoming now owns 861 shares of the software maker's stock worth $93,000 after purchasing an additional 119 shares during the period. 94.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on PCTY. UBS Group set a $175.00 price objective on shares of Paylocity in a research note on Tuesday, September 29th. BMO Capital Markets upped their target price on shares of Paylocity from $143.00 to $175.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Barclays increased their target price on shares of Paylocity from $162.00 to $176.00 and gave the company an "equal weight" rating in a report on Friday, November 6th. BTIG Research lifted their price target on shares of Paylocity from $200.00 to $210.00 and gave the company a "buy" rating in a research report on Friday, November 6th. Finally, KeyCorp boosted their price target on Paylocity from $178.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $177.82.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations. Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.

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