Insider Selling: Paylocity (NASDAQ:PCTY) SVP Sells 4,730 Shares

Key Points

• Paylocity SVP Joshua Scutt sold 4,730 shares at an average price of $149.82, totaling approximately $708,649. The Rule 10b5-1 transaction reduced his direct holdings by 5.88% to 75,729 shares.
• Paylocity recently exceeded quarterly expectations, reporting $1.84 in EPS versus a $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, while institutional investors own 94.76% of the company’s outstanding shares.

Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) SVP Joshua Scutt sold 4,730 shares of Paylocity stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $149.82, for a total value of $708,648.60. Following the completion of the sale, the senior vice president directly owned 75,729 shares of the company's stock, valued at $11,345,718.78. The trade was a 5.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

Paylocity stock traded up $3.05 during mid-day trading on Thursday, reaching $152.36. 403,122 shares of the stock traded hands, compared to its average volume of 818,443. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $182.83. The business's 50-day moving average is $124.37 and its 200-day moving average is $114.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $8.08 billion, a PE ratio of 30.78 and a beta of 0.48.

Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results 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. The business had revenue of $444.73 million for the quarter, compared to analysts' expectations of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business's revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the firm posted $1.56 earnings per share. As a group, sell-side analysts predict that Paylocity Holding Corporation will post 6.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PCTY has been the subject of several recent research reports. Cantor Fitzgerald boosted their target price on shares of Paylocity from $140.00 to $165.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. BMO Capital Markets increased their price target 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 lifted their price target on shares of Paylocity from $128.00 to $154.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 5th. Robert W. Baird set a $201.00 price objective on shares of Paylocity in a research report on Wednesday, August 5th. Finally, BTIG Research upped their price objective on Paylocity from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.53.

Institutional Investors Weigh In On Paylocity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System raised its stake in Paylocity by 1.0% during the 1st quarter. State of Michigan Retirement System now owns 10,472 shares of the software maker's stock worth $1,131,000 after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Paylocity by 3.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,419 shares of the software maker's stock worth $521,000 after purchasing an additional 106 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Paylocity by 35.0% in the second quarter. Smartleaf Asset Management LLC now owns 428 shares of the software maker's stock worth $77,000 after purchasing an additional 111 shares during the period. State of Wyoming increased its stake in shares of Paylocity by 16.0% in the first quarter. State of Wyoming now owns 861 shares of the software maker's stock worth $93,000 after purchasing an additional 119 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Paylocity by 1.7% in the fourth quarter. Fisher Asset Management LLC now owns 7,382 shares of the software maker's stock worth $1,126,000 after purchasing an additional 122 shares in 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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