Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $1,679,420.16 in Stock

Key Points

• Paylocity director Steven Sarowitz sold 11,136 shares for approximately $1.68 million under a pre-arranged Rule 10b5-1 trading plan, reducing his stake by 0.24% while retaining more than 4.5 million shares.
• Paylocity reported quarterly EPS of $1.84, beating estimates by $0.22, while revenue reached $444.73 million—11% higher year over year and above analyst expectations.
• Shares fell 3.2% to $145.65, while analysts maintained an overall “Moderate Buy” rating with an average price target of $160; institutional investors own 94.76% of the stock.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 11,136 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $150.81, for a total transaction of $1,679,420.16. Following the sale, the director directly owned 4,535,052 shares of the company's stock, valued at $683,931,192.12. This represents a 0.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Trading Down 3.2%

PCTY stock traded down $4.77 during midday trading on Monday, hitting $145.65. The stock had a trading volume of 1,213,503 shares, compared to its average volume of 823,742. The firm has a market cap of $7.73 billion, a P/E ratio of 29.42 and a beta of 0.47. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. Paylocity Holding Corporation has a 1-year low of $92.99 and a 1-year high of $182.83. The business has a fifty day moving average price of $119.10 and a two-hundred day moving average price of $114.53.

Paylocity (NASDAQ:PCTY - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $444.73 million for the quarter, compared to analyst estimates of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The company's revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.56 earnings per share. On average, sell-side analysts predict that Paylocity Holding Corporation will post 6.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Paylocity

Several large investors have recently bought and sold shares of PCTY. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Paylocity by 60.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,486 shares of the software maker's stock worth $7,249,000 after purchasing an additional 17,950 shares during the period. Chicago Capital LLC grew its position in Paylocity by 1,165.0% during the fourth quarter. Chicago Capital LLC now owns 97,579 shares of the software maker's stock valued at $14,881,000 after buying an additional 89,865 shares during the period. Pictet Asset Management Holding SA grew its position in Paylocity by 32.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 198,150 shares of the software maker's stock valued at $30,218,000 after buying an additional 48,380 shares during the period. California State Teachers Retirement System grew its position in Paylocity by 18.9% during 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 buying an additional 7,891 shares during the period. Finally, UBS Group AG increased its holdings in Paylocity by 38.3% during the fourth quarter. UBS Group AG now owns 415,879 shares of the software maker's stock worth $63,422,000 after buying an additional 115,111 shares during the last quarter. 94.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Cantor Fitzgerald boosted their price target on shares of Paylocity from $140.00 to $165.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Raymond James Financial set a $140.00 price objective on shares of Paylocity in a research note on Friday, May 8th. Robert W. Baird set a $201.00 price objective on shares of Paylocity in a report on Wednesday, August 5th. Truist Financial decreased their target price on shares of Paylocity from $180.00 to $165.00 and set a "buy" rating for the company in a research report on Monday, June 29th. Finally, Citizens Jmp lowered their target price on shares of Paylocity from $170.00 to $150.00 and set a "market outperform" rating on the stock in a report on Friday, May 8th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Paylocity currently has an average rating of "Moderate Buy" and an average price target of $160.00.

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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