Paylocity (NASDAQ:PCTY) Director Steven Sarowitz Sells 7,000 Shares of Company Stock

Key Points

• Paylocity Director Steven Sarowitz sold 7,000 shares for about $1.26 million under a pre-arranged Rule 10b5-1 trading plan. He retained 4,341,395 shares after the sale.
• Paylocity’s latest quarter beat analyst estimates, reporting $2.09 EPS and $451.67 million in revenue; revenue rose 10.7% year over year.
• Analysts gave the stock a “Moderate Buy” consensus rating, with an average price target of $177.82. Shares were trading at $178.92 in the article.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 7,000 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $180.46, for a total value of $1,263,220.00. Following the sale, the director owned 4,341,395 shares in the company, valued at approximately $783,448,141.70. This represents a 0.16% decrease in their position. The transaction was disclosed in a 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 Performance

Shares of Paylocity stock traded down $1.12 during trading hours on Thursday, reaching $178.92. The company had a trading volume of 513,575 shares, compared to its average volume of 776,358. The firm has a market cap of $9.30 billion, a PE ratio of 34.67, a price-to-earnings-growth ratio of 2.04 and a beta of 0.43. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $181.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.04 and a quick ratio of 1.09. The business has a fifty day simple moving average of $157.36 and a 200 day simple moving average of $127.96.

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

Hedge Funds Weigh In On Paylocity

Large investors have recently modified their holdings of the company. Optiver Holding B.V. boosted its stake in Paylocity by 5,925.0% in the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker's stock worth $26,000 after buying an additional 237 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Paylocity in the 2nd quarter valued at $27,000. Basecamp Wealth Advisors LLC boosted its stake in shares of Paylocity by 4,250.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker's stock valued at $28,000 after purchasing an additional 255 shares in the last quarter. Elevation Wealth Partners LLC boosted its stake in shares of Paylocity by 500.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker's stock valued at $36,000 after purchasing an additional 285 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Paylocity by 58.8% during the 1st quarter. Parallel Advisors LLC now owns 451 shares of the software maker's stock valued at $49,000 after purchasing an additional 167 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. UBS Group set a $175.00 price target on shares of Paylocity in a research report on Tuesday, September 29th. Jefferies Financial Group reiterated a "buy" rating and issued a $165.00 price objective on shares of Paylocity in a research report on Wednesday, August 5th. Robert W. Baird set a $201.00 price objective on Paylocity in a research note on Wednesday, August 5th. Zacks Research lowered shares of Paylocity from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. Finally, TD Cowen increased their price target on shares of Paylocity from $168.00 to $177.00 and gave the stock a "buy" rating in a report on Thursday, August 20th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $177.82.

Paylocity Company Profile

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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