Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $3,070,241.02 in Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 19,459 shares of the business’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total value of $3,070,241.02. Following the completion of the transaction, the director owned 4,453,495 shares of the company’s stock, valued at $702,672,441.10. This represents a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Trading Down 0.9%

Paylocity stock opened at $154.60 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $178.91. The stock has a market capitalization of $8.20 billion, a PE ratio of 31.23 and a beta of 0.45. The business’s fifty day moving average is $134.66 and its 200 day moving average is $117.27.

Paylocity (NASDAQ:PCTY) last issued its earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.22. The business had revenue of $444.73 million during 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%.Paylocity’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.56 EPS. On average, sell-side analysts predict that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Optiver Holding B.V. raised its holdings in Paylocity by 5,925.0% in the 1st quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock worth $26,000 after purchasing an additional 237 shares during the period. Global Retirement Partners LLC bought a new stake in Paylocity during the 2nd quarter valued at approximately $27,000. Basecamp Wealth Advisors LLC lifted its holdings in shares of Paylocity by 4,250.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock worth $28,000 after buying an additional 255 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Paylocity in the 4th quarter worth $30,000. Finally, Elevation Wealth Partners LLC grew its holdings in Paylocity by 500.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock valued at $36,000 after buying an additional 285 shares in the last quarter. Hedge funds and other institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PCTY shares. Truist Financial cut 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. TD Cowen raised their price target on Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Barclays lifted their price objective on Paylocity from $128.00 to $154.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. UBS Group upped their price objective on Paylocity from $122.00 to $128.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Raymond James Financial set a $140.00 target price on Paylocity in a report on Friday, May 8th. 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of $160.53.

About Paylocity

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.