Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells 8,539 Shares

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 8,539 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $150.20, for a total transaction of $1,282,557.80. Following the transaction, the director owned 4,480,055 shares in the company, valued at $672,904,261. The trade was a 0.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Price Performance

Shares of PCTY stock traded up $3.05 during midday trading on Thursday, reaching $152.36. 403,122 shares of the company traded hands, compared to its average volume of 818,443. The firm’s 50 day simple moving average is $124.37 and its two-hundred day simple moving average is $114.86. The firm has a market cap of $8.08 billion, a PE ratio of 30.78 and a beta of 0.48. 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 1-year low of $92.99 and a 1-year high of $182.83.

Paylocity (NASDAQ:PCTY) last released its quarterly 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. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business had revenue of $444.73 million for the quarter, compared to analysts’ expectations of $431.46 million. During the same quarter in the prior year, the firm posted $1.56 EPS. The company’s revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts expect that Paylocity Holding Corporation will post 6.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PCTY shares. TD Cowen raised their price target on Paylocity from $168.00 to $177.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group reissued a “buy” rating and issued a $165.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. Zacks Research downgraded shares of Paylocity from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Robert W. Baird set a $201.00 target price on shares of Paylocity in a research report on Wednesday, August 5th. Finally, BTIG Research upped their price target on shares of Paylocity from $150.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Paylocity presently has an average rating of “Moderate Buy” and a consensus target price of $160.53.

Hedge Funds Weigh In On Paylocity

A number of institutional investors have recently made changes to their positions in PCTY. Optiver Holding B.V. lifted its position in shares of Paylocity by 5,925.0% in the first quarter. Optiver Holding B.V. now owns 241 shares of the software maker’s stock valued at $26,000 after acquiring an additional 237 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Paylocity during the 2nd quarter worth about $27,000. Basecamp Wealth Advisors LLC raised its stake in Paylocity by 4,250.0% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 261 shares of the software maker’s stock valued at $28,000 after purchasing an additional 255 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in Paylocity in the 4th quarter valued at about $30,000. Finally, Elevation Wealth Partners LLC lifted its holdings in Paylocity by 500.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 342 shares of the software maker’s stock valued at $36,000 after purchasing an additional 285 shares in the last quarter. 94.76% of the stock is owned by institutional investors and hedge funds.

Paylocity Company Profile

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.