Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $3,070,241.02 in Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 19,459 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $157.78, for a total transaction of $3,070,241.02. Following the completion of the transaction, the director owned 4,453,495 shares in the company, valued at approximately $702,672,441.10. This represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Up 1.5%

PCTY stock traded up $2.29 during midday trading on Monday, reaching $160.22. The company had a trading volume of 1,039,443 shares, compared to its average volume of 803,371. The company has a 50 day moving average of $131.32 and a two-hundred day moving average of $116.25. The company has a market capitalization of $8.50 billion, a P/E ratio of 32.37 and a beta of 0.47. Paylocity Holding Corporation has a 1 year low of $92.99 and a 1 year high of $180.86. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07.

Paylocity (NASDAQ:PCTY) last posted 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 net margin of 15.23% and a return on equity of 27.02%. The business had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. During the same period in the prior year, the business posted $1.56 earnings per share. Paylocity’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts expect that Paylocity Holding Corporation will post 6.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its holdings in Paylocity by 10,474.6% in the 2nd quarter. California State Teachers Retirement System now owns 5,246,465 shares of the software maker’s stock worth $548,413,000 after purchasing an additional 5,196,851 shares during the last quarter. BlackRock Inc. acquired a new position in Paylocity during the second quarter valued at approximately $430,315,000. Jupiter Topco LLC bought a new position in shares of Paylocity in the second quarter valued at approximately $70,540,000. Alyeska Investment Group L.P. bought a new position in shares of Paylocity in the third quarter valued at approximately $104,657,000. Finally, Norges Bank acquired a new stake in shares of Paylocity in the fourth quarter worth $88,428,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Robert W. Baird set a $201.00 price target on Paylocity in a research note on Wednesday, August 5th. Zacks Research downgraded Paylocity from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Cantor Fitzgerald raised their price objective on shares of Paylocity from $140.00 to $165.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Stephens reduced their target price on shares of Paylocity from $160.00 to $120.00 and set an “equal weight” rating for the company in a research note on Friday, May 8th. Finally, Barclays boosted their target price on shares of Paylocity from $128.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.