Paylocity (NASDAQ:PCTY) Director Steven Sarowitz Sells 10,445 Shares of Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 10,445 shares of the stock in a transaction on Monday, October 19th. The shares were sold at an average price of $166.26, for a total value of $1,736,585.70. Following the sale, the director directly owned 4,414,756 shares in the company, valued at $733,997,332.56. This trade represents a 0.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 Price Performance

NASDAQ PCTY opened at $169.33 on Thursday. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $171.81. The stock has a 50-day moving average of $151.06 and a 200 day moving average of $127.26. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 2.02 and a beta of 0.50. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09.

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 forecast that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Key Headlines Impacting Paylocity

Here are the key news stories impacting Paylocity this week:

• Positive Sentiment: Citizens JMP raised its Paylocity price target from $150 to $180 and maintained a “market outperform” rating, implying further upside from recent trading levels. Paylocity price target raised by Citizens JMP
• Positive Sentiment: Paylocity’s latest quarterly results showed solid execution: adjusted earnings of $1.84 per share exceeded the $1.62 consensus estimate, revenue reached $444.73 million versus expectations of $431.46 million, and revenue increased 11% year over year. Analysts broadly maintain a favorable view, with a consensus rating of “Moderate Buy.”
• Neutral Sentiment: Institutional ownership remains high at approximately 94.8%. Several investment firms initiated positions or increased their holdings during the third quarter, although the individual transactions were relatively small and do not necessarily indicate a major change in sentiment.
• Negative Sentiment: Director Steven Sarowitz sold 10,445 shares for approximately $1.74 million on October 19, following a sale of 5,500 shares worth about $913,000 on October 16. The transactions were conducted under a pre-arranged Rule 10b5-1 plan, and the combined sales reduced his ownership by only about 0.36%; however, insider selling can create modest near-term pressure, particularly with the stock trading near its 52-week high. Steven Sarowitz insider transactions

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Robert W. Baird set a $201.00 price objective on shares of Paylocity in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, September 22nd. Barclays lifted their target price on shares of Paylocity from $154.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 13th. BMO Capital Markets boosted their target price on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Finally, KeyCorp boosted their target price on shares of Paylocity from $172.00 to $178.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $165.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Paylocity in the 2nd quarter worth approximately $430,315,000. Jupiter Topco LLC purchased a new position in shares of Paylocity in the second quarter worth approximately $70,540,000. Amundi boosted its holdings in shares of Paylocity by 9.5% in the second quarter. Amundi now owns 663,449 shares of the software maker’s stock worth $69,350,000 after buying an additional 57,291 shares during the last quarter. Van Berkom & Associates Inc. grew its position in Paylocity by 17.8% during the first quarter. Van Berkom & Associates Inc. now owns 616,407 shares of the software maker’s stock valued at $66,597,000 after buying an additional 93,065 shares during the period. Finally, Deutsche Bank AG bought a new stake in Paylocity during the second quarter valued at approximately $54,906,000. 94.76% of the stock is owned by hedge funds and other institutional investors.

Paylocity Company Profile

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) and payroll software for organizations. Its platform is designed to help employers manage payroll, human resources, employee benefits, talent acquisition, onboarding, performance, learning, and workforce administration through an integrated system.

The company also offers tools for time and labor management, scheduling, employee communications, engagement, surveys, expense management, and other workplace activities.