Insider Selling: Paylocity (NASDAQ:PCTY) Director Sells $1,679,420.16 in Stock

Paylocity Holding Corporation (NASDAQ:PCTY) Director Steven Sarowitz sold 11,136 shares of Paylocity stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $150.81, for a total transaction of $1,679,420.16. Following the sale, the director owned 4,535,052 shares in the company, valued at approximately $683,931,192.12. This trade represents a 0.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paylocity Stock Performance

NASDAQ:PCTY opened at $145.67 on Thursday. Paylocity Holding Corporation has a 12-month low of $92.99 and a 12-month high of $182.83. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $7.73 billion, a PE ratio of 29.43 and a beta of 0.48. The firm has a 50-day moving average price of $120.77 and a 200 day moving average price of $114.60.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings data on Tuesday, August 4th. The software maker reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.22. Paylocity had a return on equity of 27.02% and a net margin of 15.23%.The company had revenue of $444.73 million for the quarter, compared to the consensus estimate of $431.46 million. During the same period in the previous year, the business earned $1.56 earnings per share. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Research analysts anticipate that Paylocity Holding Corporation will post 6.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Paylocity during the 2nd quarter worth about $430,315,000. AQR Capital Management LLC raised its stake in shares of Paylocity by 75.1% in the fourth quarter. AQR Capital Management LLC now owns 943,591 shares of the software maker’s stock worth $143,747,000 after acquiring an additional 404,605 shares during the last quarter. Morgan Stanley lifted its position in shares of Paylocity by 117.9% during the fourth quarter. Morgan Stanley now owns 817,209 shares of the software maker’s stock worth $124,625,000 after purchasing an additional 442,218 shares in the last quarter. Millennium Management LLC lifted its position in shares of Paylocity by 97.7% during the third quarter. Millennium Management LLC now owns 748,803 shares of the software maker’s stock worth $119,262,000 after purchasing an additional 369,975 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Paylocity by 6.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 659,472 shares of the software maker’s stock valued at $100,570,000 after purchasing an additional 42,725 shares during the last quarter. 94.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on PCTY. KeyCorp increased their price objective on Paylocity from $172.00 to $178.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Truist Financial lowered their target price on shares of Paylocity from $180.00 to $165.00 and set a “buy” rating on the stock in a report on Monday, June 29th. BTIG Research increased their target price on shares of Paylocity from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. BMO Capital Markets lifted their price target on shares of Paylocity from $143.00 to $175.00 and gave the company an “outperform” rating in a report on Wednesday, August 5th. Finally, Barclays boosted their price target on shares of Paylocity from $128.00 to $154.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 5th. 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $160.00.

Paylocity Company Profile

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.