Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells 5,500 Shares of Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 5,500 shares of the stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $166.05, for a total transaction of $913,275.00. Following the completion of the transaction, the director owned 4,425,201 shares of the company’s stock, valued at $734,804,626.05. This represents a 0.12% decrease in their position. The sale was disclosed in a 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

Paylocity stock traded down $0.15 during trading hours on Monday, hitting $166.17. 436,957 shares of the company traded hands, compared to its average volume of 775,398. Paylocity Holding Corporation has a 1-year low of $92.99 and a 1-year high of $169.09. The firm has a market cap of $8.82 billion, a P/E ratio of 33.57, a P/E/G ratio of 1.97 and a beta of 0.50. The firm’s 50-day simple moving average is $149.68 and its two-hundred day simple moving average is $125.94. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last issued 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 analyst estimates of $431.46 million. Paylocity had a net margin of 15.23% and a return on equity of 27.02%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.56 EPS. As a group, analysts forecast that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PCTY. TD Cowen boosted their target price on Paylocity from $168.00 to $177.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Weiss Ratings raised Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, September 22nd. BMO Capital Markets lifted their price target on Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. Cantor Fitzgerald boosted their price objective on Paylocity from $140.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, UBS Group set a $175.00 price objective on Paylocity in a research note on Tuesday, September 29th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Paylocity has a consensus rating of “Moderate Buy” and a consensus price target of $163.76.

Hedge Funds Weigh In On Paylocity

Large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Paylocity in the 2nd quarter worth approximately $430,315,000. Jupiter Topco LLC acquired a new stake in Paylocity during the second quarter valued at approximately $70,540,000. Deutsche Bank AG acquired a new stake in Paylocity during the second quarter valued at approximately $54,906,000. Bank of America Corp DE bought a new stake in Paylocity during the second quarter worth approximately $54,867,000. Finally, Amundi boosted its holdings in Paylocity by 143.3% during the first quarter. Amundi now owns 606,158 shares of the software maker’s stock worth $65,489,000 after buying an additional 357,001 shares in the last quarter. Institutional investors own 94.76% of the company’s stock.

About Paylocity

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.