Paylocity Holding Corp (PCTY) Director Sells $5,875,400.00 in Stock

Paylocity Holding Corp (NASDAQ:PCTY) Director Steven I. Sarowitz sold 72,500 shares of the company’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $81.04, for a total transaction of $5,875,400.00. Following the completion of the sale, the director now directly owns 14,735,730 shares in the company, valued at $1,194,183,559.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Shares of Paylocity stock traded up $0.65 during trading hours on Monday, reaching $83.30. The stock had a trading volume of 360,797 shares, compared to its average volume of 244,357. The company has a market cap of $4.37 billion, a P/E ratio of 268.71, a price-to-earnings-growth ratio of 8.35 and a beta of 2.03. Paylocity Holding Corp has a twelve month low of $42.43 and a twelve month high of $88.47.

Paylocity (NASDAQ:PCTY) last released its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.11). Paylocity had a return on equity of 13.43% and a net margin of 12.81%. The company had revenue of $107.20 million for the quarter, compared to analyst estimates of $104.68 million. During the same quarter last year, the company earned $0.16 EPS. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. As a group, sell-side analysts expect that Paylocity Holding Corp will post 0.5 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCTY. Dimensional Fund Advisors LP raised its position in shares of Paylocity by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 309,591 shares of the software maker’s stock worth $18,223,000 after purchasing an additional 15,574 shares during the last quarter. Raymond James & Associates acquired a new position in shares of Paylocity during the 2nd quarter worth about $341,000. California Public Employees Retirement System raised its position in shares of Paylocity by 29.3% during the 2nd quarter. California Public Employees Retirement System now owns 46,344 shares of the software maker’s stock worth $2,728,000 after purchasing an additional 10,506 shares during the last quarter. Northern Trust Corp raised its position in shares of Paylocity by 12.3% during the 2nd quarter. Northern Trust Corp now owns 429,834 shares of the software maker’s stock worth $25,299,000 after purchasing an additional 47,059 shares during the last quarter. Finally, Atria Investments LLC acquired a new position in shares of Paylocity during the 3rd quarter worth about $230,000. Hedge funds and other institutional investors own 64.93% of the company’s stock.

Several research firms have commented on PCTY. Zacks Investment Research lowered shares of Paylocity from a “hold” rating to a “sell” rating in a report on Thursday, December 6th. Stifel Nicolaus upped their price target on shares of Paylocity from $78.00 to $91.00 and gave the company a “buy” rating in a report on Thursday. Craig Hallum upped their price target on shares of Paylocity from $65.00 to $78.00 and gave the company a “hold” rating in a report on Thursday. Raymond James upped their price target on shares of Paylocity from $75.00 to $88.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price target (up from $80.00) on shares of Paylocity in a report on Thursday. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $77.33.

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About Paylocity

Paylocity Holding Corporation provides cloud-based payroll and human capital management software solutions for medium-sized organizations in the United States. The company offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity Web HR for employee record management, HR compliance and reporting, HR insight and analytics, and self-service portals; Talent Management for employee performance appraisal process and performance review; Paylocity Web Time, a time and attendance solution; and Paylocity Web Expense, an expense management tool designed to streamline and automate the expense management process.

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