Paylocity (NASDAQ:PCTY) Director Steven Sarowitz Sells 7,000 Shares of Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 7,000 shares of Paylocity stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $180.46, for a total value of $1,263,220.00. Following the completion of the transaction, the director owned 4,341,395 shares of the company’s stock, valued at approximately $783,448,141.70. The trade was a 0.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Price Performance

Shares of NASDAQ PCTY opened at $178.92 on Friday. Paylocity Holding Corporation has a twelve month low of $92.99 and a twelve month high of $181.57. The company has a current ratio of 1.04, a quick ratio of 1.09 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $9.30 billion, a price-to-earnings ratio of 34.67, a price-to-earnings-growth ratio of 2.05 and a beta of 0.43. The business has a 50 day simple moving average of $157.85 and a 200-day simple moving average of $128.12.

Paylocity (NASDAQ:PCTY) last announced its quarterly earnings results on Thursday, November 5th. The software maker reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.93 by $0.16. The business had revenue of $451.67 million for the quarter, compared to analysts’ expectations of $443.12 million. Paylocity had a return on equity of 27.59% and a net margin of 15.40%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.75 EPS. As a group, equities research analysts expect that Paylocity Holding Corporation will post 6.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

PCTY has been the subject of several analyst reports. Citigroup boosted their price target on shares of Paylocity from $208.00 to $214.00 and gave the company a “buy” rating in a report on Monday. Barclays increased their price objective on shares of Paylocity from $162.00 to $176.00 and gave the stock an “equal weight” rating in a report on Friday, November 6th. Citizens Jmp lifted their price objective on shares of Paylocity from $180.00 to $200.00 and gave the company a “market outperform” rating in a research report on Friday, November 6th. KeyCorp boosted their target price on shares of Paylocity from $178.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, October 28th. Finally, Weiss Ratings upgraded shares of Paylocity from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, September 22nd. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $177.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. AlphaGrep UK Ltd raised its stake in shares of Paylocity by 105.0% during the third quarter. AlphaGrep UK Ltd now owns 4,509 shares of the software maker’s stock valued at $643,000 after purchasing an additional 2,309 shares in the last quarter. Meeder Advisory Services Inc. grew its position in Paylocity by 13.3% in the 3rd quarter. Meeder Advisory Services Inc. now owns 2,312 shares of the software maker’s stock valued at $330,000 after buying an additional 272 shares in the last quarter. Benjamin Edwards Inc. bought a new position in Paylocity in the 3rd quarter valued at about $249,000. GW&K Investment Management LLC increased its stake in Paylocity by 16.6% during the 3rd quarter. GW&K Investment Management LLC now owns 386,143 shares of the software maker’s stock valued at $55,053,000 after buying an additional 55,005 shares during the period. Finally, Private Wealth Asset Management LLC acquired a new position in Paylocity during the 3rd quarter valued at about $547,000. Institutional investors own 94.76% of the company’s stock.

About Paylocity

Paylocity Holding Corporation provides cloud-based human capital management and payroll software to businesses in the United States. Its platform brings together tools that help employers manage payroll, human resources, benefits, and workforce operations. Products and services include payroll processing, benefits administration, time and labor management, talent acquisition and development, employee communications, and expense management. The platform is designed to help organizations streamline administrative work and support employees and managers through a unified system.