Paylocity (NASDAQ:PCTY) Stock: Insider Steven Sarowitz Sells 7,000 Shares

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 7,000 shares of the firm’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $180.46, for a total value of $1,263,220.00. Following the transaction, the director directly owned 4,341,395 shares in the company, valued at $783,448,141.70. This trade represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 0.6%

Shares of PCTY traded down $1.12 during trading hours on Thursday, hitting $178.92. The company had a trading volume of 513,575 shares, compared to its average volume of 776,358. Paylocity Holding Corporation has a 52-week low of $92.99 and a 52-week high of $181.57. The company has a quick ratio of 1.09, a current ratio of 1.04 and a debt-to-equity ratio of 0.11. The stock’s 50 day moving average price is $157.36 and its 200 day moving average price is $127.96. The firm has a market cap of $9.30 billion, a P/E ratio of 34.67, a P/E/G ratio of 2.04 and a beta of 0.43.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Thursday, November 5th. The software maker reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.93 by $0.16. The business had revenue of $451.67 million for the quarter, compared to analyst estimates of $443.12 million. Paylocity had a return on equity of 27.59% and a net margin of 15.40%. Paylocity’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $1.75 EPS. On average, research analysts predict that Paylocity Holding Corporation will post 6.94 EPS for the current year.

Analyst Upgrades and Downgrades

PCTY has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. UBS Group set a $175.00 target price on shares of Paylocity in a research note on Tuesday, September 29th. Cantor Fitzgerald increased their price target on shares of Paylocity from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. BTIG Research raised their price objective on shares of Paylocity from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Finally, Barclays lifted their price objective on Paylocity from $162.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, November 6th. 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 has a consensus rating of “Moderate Buy” and a consensus target price of $177.82.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Paylocity during the second quarter worth about $430,315,000. Jupiter Topco LLC bought a new stake in shares of Paylocity in the 2nd quarter worth approximately $70,540,000. Amundi boosted its position in shares of Paylocity by 9.5% in the 2nd quarter. Amundi now owns 663,449 shares of the software maker’s stock worth $69,350,000 after purchasing an additional 57,291 shares in the last quarter. Van Berkom & Associates Inc. boosted its position in shares of Paylocity by 17.8% in the 1st quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker’s stock worth $66,597,000 after purchasing an additional 93,065 shares in the last quarter. Finally, GW&K Investment Management LLC grew its stake in shares of Paylocity by 16.6% in the 3rd quarter. GW&K Investment Management LLC now owns 386,143 shares of the software maker’s stock worth $55,053,000 after buying an additional 55,005 shares during the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations. Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.