Paylocity Holding Corporation (NASDAQ:PCTY - Get Free Report) Director Steven Sarowitz sold 10,617 shares of Paylocity stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $169.76, for a total transaction of $1,802,341.92. Following the completion of the transaction, the director directly owned 4,404,139 shares in the company, valued at $747,646,636.64. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paylocity Stock Up 4.9%
Shares of PCTY opened at $177.67 on Friday. Paylocity Holding Corporation has a one year low of $92.99 and a one year high of $178.13. The company has a market cap of $9.43 billion, a P/E ratio of 29.66, a P/E/G ratio of 2.01 and a beta of 0.50. 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 50 day simple moving average of $151.56 and a two-hundred day simple moving average of $127.76.
Paylocity (NASDAQ:PCTY - Get Free Report) last released its 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. The firm 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 company's quarterly revenue was up 11.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 earnings per share. Research analysts forecast that Paylocity Holding Corporation will post 6.92 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the stock. Fifth Third Wealth Advisors LLC bought a new position in shares of Paylocity in the 3rd quarter valued at $281,000. MBL Wealth LLC acquired a new stake in shares of Paylocity during the 3rd quarter valued at $287,000. Root Financial Partners LLC bought a new stake in Paylocity during the 3rd quarter worth $96,000. Nisa Investment Advisors LLC grew its position in Paylocity by 50.6% during the 3rd quarter. Nisa Investment Advisors LLC now owns 1,532 shares of the software maker's stock worth $218,000 after acquiring an additional 515 shares during the last quarter. Finally, Abel Hall LLC bought a new stake in Paylocity during the 3rd quarter worth $273,000. 94.76% of the stock is currently owned by institutional investors and hedge funds.
Key Headlines Impacting Paylocity
Here are the key news stories impacting Paylocity this week:
- Positive Sentiment: Paylocity launched its AI-powered Recruiting Optimizer, part of its Ignite AI platform. The tool is designed to improve recruiter productivity by 35%, accelerate hiring by 25% and reduce candidate drop-off by 15%, supporting the company’s effort to differentiate its cloud-based human capital management software. Paylocity launches AI-powered Recruiting Optimizer
- Positive Sentiment: Citizens JMP raised its price target for PCTY from $150 to $180 while maintaining a “market outperform” rating, signaling confidence in additional upside. Citizens JMP raises Paylocity price target
- Positive Sentiment: Paylocity’s latest quarterly results exceeded expectations, with earnings of $1.84 per share versus the $1.62 consensus estimate and revenue of $444.73 million versus $431.46 million expected. Revenue grew 11% year over year, reinforcing the company’s growth and profitability profile.
- Neutral Sentiment: Director Steven Sarowitz sold 10,617 shares for approximately $1.80 million on October 20, following a sale of 10,445 shares worth about $1.74 million on October 19. Both trades were executed under a Rule 10b5-1 plan; Sarowitz still owns more than 4.4 million shares, so the sales reduced his position only modestly. Paylocity director stock sale filing
Wall Street Analyst Weigh In
A number of research analysts have issued reports on PCTY shares. KeyCorp lifted their target price on Paylocity from $172.00 to $178.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. UBS Group set a $175.00 target price on Paylocity in a research note on Tuesday, September 29th. Citigroup reissued a "market outperform" rating on shares of Paylocity in a report on Tuesday. Barclays raised their price target on shares of Paylocity from $154.00 to $162.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 13th. Finally, Jefferies Financial Group restated a "buy" rating and issued a $165.00 price target on shares of Paylocity in a research note on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $165.53.
Get Our Latest Stock Report on PCTY
About Paylocity
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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.
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