Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 10,445 shares of the business's stock in a transaction on Monday, October 19th. The shares were sold at an average price of $166.26, for a total transaction of $1,736,585.70. Following the sale, the director directly owned 4,414,756 shares of the company's stock, valued at approximately $733,997,332.56. The trade was a 0.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paylocity Trading Down 0.4%
NASDAQ:PCTY opened at $169.33 on Thursday. 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 firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 2.02 and a beta of 0.50. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $171.81. The business has a fifty day moving average price of $151.06 and a 200-day moving average price of $127.26.
Paylocity (NASDAQ:PCTY - Get Free Report) last announced its earnings results on Tuesday, August 4th. The software maker reported $1.84 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.22. The company had revenue of $444.73 million for 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%. Paylocity's revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period last year, the firm earned $1.56 EPS. Sell-side analysts forecast that Paylocity Holding Corporation will post 6.92 EPS for the current year.
Institutional Trading of Paylocity
Several institutional investors and hedge funds have recently modified their holdings of PCTY. Nisa Investment Advisors LLC lifted its stake in shares of Paylocity by 50.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the software maker's stock valued at $218,000 after buying an additional 515 shares in the last quarter. Abel Hall LLC bought a new position in Paylocity in the 3rd quarter worth $273,000. Curated Wealth Partners LLC purchased a new stake in Paylocity in the 3rd quarter worth $498,000. WealthPlan Investment Management LLC purchased a new stake in Paylocity in the 3rd quarter worth $203,000. Finally, Seelaus Asset Management LLC purchased a new stake in Paylocity in the 3rd quarter worth $304,000. 94.76% of the stock is currently owned by institutional investors.
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
Analyst Upgrades and Downgrades
PCTY has been the topic of several recent research reports. Wall Street Zen raised Paylocity from a "hold" rating to a "buy" rating in a research note on Saturday, September 19th. Zacks Research downgraded Paylocity from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Jefferies Financial Group reiterated a "buy" rating and set a $165.00 price objective on shares of Paylocity in a research note on Wednesday, August 5th. BMO Capital Markets increased their target price on shares of Paylocity from $143.00 to $175.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Finally, KeyCorp increased their target price on shares of Paylocity from $172.00 to $178.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Paylocity currently has an average rating of "Moderate Buy" and an average target price of $165.53.
Read Our Latest Report on PCTY
About Paylocity
(
Get Free Report)
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.
Further Reading
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