Paylocity (NASDAQ:PCTY) Director Steven Sarowitz Sells 17,694 Shares of Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 17,694 shares of the firm’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $165.80, for a total value of $2,933,665.20. Following the completion of the sale, the director directly owned 4,430,701 shares of the company’s stock, valued at $734,610,225.80. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

Shares of PCTY traded up $0.07 during mid-day trading on Friday, hitting $166.32. The stock had a trading volume of 459,494 shares, compared to its average volume of 777,098. The firm has a market cap of $8.82 billion, a P/E ratio of 33.60, a PEG ratio of 1.89 and a beta of 0.50. The business has a fifty day moving average price of $149.36 and a 200-day moving average price of $125.54. 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 52 week low of $92.99 and a 52 week high of $169.09.

Paylocity (NASDAQ:PCTY) last posted its quarterly earnings results on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%. The company had revenue of $444.73 million during the quarter, compared to the consensus estimate of $431.46 million. During the same quarter in the prior year, the company earned $1.56 EPS. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts expect that Paylocity Holding Corporation will post 6.92 EPS for the current year.

Analyst Upgrades and Downgrades

PCTY has been the topic of a number of recent analyst reports. Barclays raised their target price on shares of Paylocity from $154.00 to $162.00 and gave the company an “equal weight” rating in a research note on Tuesday. TD Cowen lifted their target price on shares of Paylocity from $168.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. Wall Street Zen raised shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, September 19th. Robert W. Baird set a $201.00 price target on shares of Paylocity in a research note on Wednesday, August 5th. Finally, Zacks Research lowered shares of Paylocity from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $163.76.

Institutional Trading of Paylocity

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

About Paylocity

Paylocity Holding Corporation (NASDAQ:PCTY) provides cloud-based human capital management (HCM) software for organizations and their employees. Its platform is designed to help businesses manage payroll, human resources, employee benefits, workforce administration and related compliance activities through a unified system.

The company’s products and services include payroll processing, tax and regulatory support, time and labor management, benefits administration, talent acquisition and management, employee performance tools, expense management, reporting and analytics.