Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells 8,539 Shares of Stock

Key Points

• Paylocity director Steven Sarowitz sold 8,539 shares at an average price of $150.20, generating approximately $1.28 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his ownership by 0.19%.
• Paylocity reported quarterly EPS of $1.84, beating estimates of $1.62, while revenue rose 11% year over year to $444.73 million. The stock recently traded at $152.36, with a market capitalization of about $8.08 billion.
• Analysts maintain a “Moderate Buy” consensus, with 12 Buy ratings and five Holds and an average price target of $160.53; institutional investors own 94.76% of the company.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 8,539 shares of Paylocity stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $150.20, for a total transaction of $1,282,557.80. Following the completion of the transaction, the director directly owned 4,480,055 shares in the company, valued at $672,904,261. The trade was a 0.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

NASDAQ:PCTY traded up $3.05 during trading hours on Thursday, reaching $152.36. 403,122 shares of the company's stock were exchanged, compared to its average volume of 818,443. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of 30.78 and a beta of 0.48. The company has a 50-day moving average of $124.37 and a 200 day moving average of $114.86. The company has a quick ratio of 1.09, a current 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.

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, topping 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 for the quarter, compared to the consensus estimate of $431.46 million. During the same period last year, the firm posted $1.56 EPS. Paylocity's revenue for the quarter was up 11.0% on a year-over-year basis. Research analysts anticipate that Paylocity Holding Corporation will post 6.86 EPS for the current year.

Analyst Ratings Changes

PCTY has been the subject of several analyst reports. Wall Street Zen downgraded Paylocity from a "buy" rating to a "hold" rating in a research note on Saturday, July 4th. Cantor Fitzgerald boosted their target price on Paylocity from $140.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Citigroup restated a "buy" rating on shares of Paylocity in a research note on Thursday, August 6th. KeyCorp increased their price target on Paylocity from $172.00 to $178.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Finally, Citizens Jmp lowered their price objective on shares of Paylocity from $170.00 to $150.00 and set a "market outperform" rating on the stock in a research report on Friday, May 8th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $160.53.

Hedge Funds Weigh In On Paylocity

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Paylocity during the second quarter worth $430,315,000. AQR Capital Management LLC lifted its holdings in Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker's stock valued at $143,747,000 after acquiring an additional 404,605 shares during the period. Morgan Stanley boosted its position in shares of Paylocity by 117.9% during the 4th quarter. Morgan Stanley now owns 817,209 shares of the software maker's stock worth $124,625,000 after purchasing an additional 442,218 shares in the last quarter. Millennium Management LLC grew its stake in shares of Paylocity by 97.7% during the 3rd quarter. Millennium Management LLC now owns 748,803 shares of the software maker's stock worth $119,262,000 after purchasing an additional 369,975 shares during the period. Finally, Jupiter Topco LLC acquired a new position in shares of Paylocity during the 2nd quarter worth $70,540,000. Institutional investors and hedge funds own 94.76% of the company's stock.

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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