Paylocity (NASDAQ:PCTY) Director Steven Sarowitz Sells 19,459 Shares

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 19,459 shares of the company’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Trading Up 1.5%

Paylocity stock opened at $160.22 on Tuesday. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $180.86. The company’s fifty day moving average price is $132.54 and its two-hundred day moving average price is $116.57. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 32.37 and a beta of 0.48.

Paylocity (NASDAQ:PCTY) last announced 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. The company had revenue of $444.73 million during the quarter, compared to analysts’ expectations of $431.46 million. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The business’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.56 earnings per share. On average, analysts forecast that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Institutional Trading of Paylocity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System lifted its holdings in shares of Paylocity by 1.0% during the first quarter. State of Michigan Retirement System now owns 10,472 shares of the software maker’s stock worth $1,131,000 after buying an additional 100 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Paylocity by 3.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,419 shares of the software maker’s stock worth $521,000 after acquiring an additional 106 shares during the period. Smartleaf Asset Management LLC increased its position in Paylocity by 35.0% during the second quarter. Smartleaf Asset Management LLC now owns 428 shares of the software maker’s stock worth $77,000 after acquiring an additional 111 shares during the period. State of Wyoming raised its stake in Paylocity by 16.0% during the 1st quarter. State of Wyoming now owns 861 shares of the software maker’s stock valued at $93,000 after purchasing an additional 119 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Paylocity by 1.7% during the 4th quarter. Fisher Asset Management LLC now owns 7,382 shares of the software maker’s stock valued at $1,126,000 after purchasing an additional 122 shares during the last quarter. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. BMO Capital Markets upped their target price on Paylocity from $143.00 to $175.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of Paylocity from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Stephens decreased their price objective on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a report on Friday, May 8th. KeyCorp raised 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. Finally, Cantor Fitzgerald lifted their target price on shares of Paylocity from $140.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.