Paylocity Holding Co. (NASDAQ:PCTY) Director Sells $4,439,413.00 in Stock

Paylocity Holding Co. (NASDAQ:PCTY) Director Steven I. Sarowitz sold 23,243 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $191.00, for a total value of $4,439,413.00. Following the completion of the sale, the director now directly owns 470,452 shares in the company, valued at approximately $89,856,332. The trade was a 4.71 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Paylocity Stock Up 2.2 %

NASDAQ:PCTY traded up $4.25 on Monday, reaching $196.16. The stock had a trading volume of 329,304 shares, compared to its average volume of 467,157. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $223.80. The stock has a market cap of $10.96 billion, a P/E ratio of 50.30, a price-to-earnings-growth ratio of 4.49 and a beta of 0.94. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average of $201.44 and a 200 day moving average of $191.46.

Paylocity (NASDAQ:PCTY) last issued its quarterly earnings results on Thursday, February 6th. The software maker reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. On average, research analysts predict that Paylocity Holding Co. will post 4.36 earnings per share for the current year.

Institutional Trading of Paylocity

Hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Paylocity during the 3rd quarter worth $2,176,000. Charles Schwab Investment Management Inc. lifted its position in shares of Paylocity by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock worth $46,592,000 after purchasing an additional 4,697 shares during the last quarter. Cerity Partners LLC grew its stake in Paylocity by 28.6% in the third quarter. Cerity Partners LLC now owns 17,046 shares of the software maker’s stock worth $2,812,000 after purchasing an additional 3,794 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Paylocity by 3.2% in the third quarter. Fisher Asset Management LLC now owns 76,160 shares of the software maker’s stock valued at $12,564,000 after buying an additional 2,354 shares during the last quarter. Finally, Associated Banc Corp acquired a new stake in Paylocity during the third quarter valued at approximately $216,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PCTY shares. JMP Securities lifted their target price on Paylocity from $250.00 to $270.00 and gave the company a “market outperform” rating in a report on Friday, February 7th. Needham & Company LLC raised their price objective on Paylocity from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 7th. UBS Group boosted their target price on Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and set a $254.00 target price (up previously from $212.00) on shares of Paylocity in a research report on Thursday, February 6th. Finally, TD Cowen reduced their price target on shares of Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $233.25.

About Paylocity

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.