Steven I. Sarowitz Sells 48,930 Shares of Paylocity Holding Co. (NASDAQ:PCTY) Stock

Paylocity Holding Co. (NASDAQ:PCTYGet Rating) Director Steven I. Sarowitz sold 48,930 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $163.12, for a total transaction of $7,981,461.60. Following the completion of the sale, the director now owns 11,467,247 shares in the company, valued at $1,870,537,330.64. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Paylocity stock traded down $8.54 during mid-day trading on Wednesday, hitting $159.43. 257,078 shares of the stock were exchanged, compared to its average volume of 274,142. Paylocity Holding Co. has a 12 month low of $152.97 and a 12 month high of $314.49. The firm’s fifty day simple moving average is $195.87 and its two-hundred day simple moving average is $216.35. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 102.81 and a beta of 1.30.

Paylocity (NASDAQ:PCTYGet Rating) last released its quarterly earnings results on Thursday, May 5th. The software maker reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.31. Paylocity had a net margin of 11.06% and a return on equity of 17.32%. The firm had revenue of $245.97 million during the quarter, compared to analyst estimates of $241.64 million. During the same quarter last year, the business earned $0.67 EPS. The company’s revenue was up 32.2% compared to the same quarter last year. On average, analysts forecast that Paylocity Holding Co. will post 1.44 earnings per share for the current year.

PCTY has been the topic of a number of research analyst reports. BMO Capital Markets initiated coverage on shares of Paylocity in a research note on Tuesday, February 1st. They issued an “outperform” rating and a $230.00 price target on the stock. Credit Suisse Group initiated coverage on shares of Paylocity in a research note on Wednesday, March 23rd. They issued a “neutral” rating and a $225.00 price target on the stock. Jefferies Financial Group upgraded shares of Paylocity from a “hold” rating to a “buy” rating and set a $255.00 price target on the stock in a research note on Monday, February 28th. Citigroup initiated coverage on shares of Paylocity in a research note on Tuesday, February 1st. They issued a “buy” rating and a $230.00 price target on the stock. Finally, Raymond James reduced their price target on shares of Paylocity from $355.00 to $245.00 and set an “outperform” rating on the stock in a research note on Friday, February 4th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $253.41.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in shares of Paylocity by 0.9% in the 1st quarter. BlackRock Inc. now owns 4,089,361 shares of the software maker’s stock valued at $841,466,000 after acquiring an additional 35,661 shares in the last quarter. Invesco Ltd. increased its stake in shares of Paylocity by 20.7% in the 1st quarter. Invesco Ltd. now owns 1,382,116 shares of the software maker’s stock valued at $284,399,000 after acquiring an additional 236,876 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Paylocity by 0.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,165,374 shares of the software maker’s stock valued at $239,799,000 after acquiring an additional 7,627 shares in the last quarter. State Street Corp increased its stake in shares of Paylocity by 4.4% in the 1st quarter. State Street Corp now owns 1,041,583 shares of the software maker’s stock valued at $214,327,000 after acquiring an additional 44,059 shares in the last quarter. Finally, Riverbridge Partners LLC increased its stake in shares of Paylocity by 5.8% in the 1st quarter. Riverbridge Partners LLC now owns 794,297 shares of the software maker’s stock valued at $163,442,000 after acquiring an additional 43,297 shares in the last quarter. Hedge funds and other institutional investors own 69.01% of the company’s stock.

Paylocity Company Profile (Get Rating)

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Payroll and Tax Services solution to simplify payroll, automate processes and manage compliance requirements within one system; expense management, on demand payment, and garnishment solutions; human capital management and employee self-service solutions, document library, compliance dashboard, and HR edge; time and attendance solution, which tracks time and attendance data, eliminating the need for manual tracking of accruals and reducing administrative tasks; schedule tracking services; and time collection devices, including kiosks, time clocks, and mobile and web applications.

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