Steven I. Sarowitz Sells 26,252 Shares of Paylocity Holding Co. (NASDAQ:PCTY) Stock

Paylocity Holding Co. (NASDAQ:PCTY) Director Steven I. Sarowitz sold 26,252 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.91, for a total transaction of $5,116,777.32. Following the completion of the transaction, the director now owns 420,000 shares in the company, valued at approximately $81,862,200. This represents a 5.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Paylocity Stock Down 1.5 %

PCTY stock opened at $191.13 on Friday. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of 49.01, a price-to-earnings-growth ratio of 4.49 and a beta of 0.94. The company has a 50-day moving average of $201.41 and a two-hundred day moving average of $192.04. Paylocity Holding Co. has a 52-week low of $129.94 and a 52-week high of $223.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.14 and a quick ratio of 1.14.

Paylocity (NASDAQ:PCTY) last announced its earnings results on Thursday, February 6th. The software maker reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.42 by ($0.60). Paylocity had a net margin of 14.76% and a return on equity of 22.45%. As a group, equities research analysts anticipate that Paylocity Holding Co. will post 4.36 EPS for the current year.

Hedge Funds Weigh In On Paylocity

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Certuity LLC acquired a new stake in Paylocity in the 4th quarter worth $232,000. Edgestream Partners L.P. grew its position in Paylocity by 222.3% during the third quarter. Edgestream Partners L.P. now owns 10,837 shares of the software maker’s stock worth $1,788,000 after buying an additional 7,475 shares in the last quarter. Barclays PLC increased its stake in Paylocity by 14.3% during the third quarter. Barclays PLC now owns 44,897 shares of the software maker’s stock valued at $7,407,000 after acquiring an additional 5,609 shares during the period. Nisa Investment Advisors LLC raised its holdings in Paylocity by 5,742.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 5,842 shares of the software maker’s stock valued at $1,165,000 after acquiring an additional 5,742 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Paylocity by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 282,426 shares of the software maker’s stock worth $46,592,000 after acquiring an additional 4,697 shares during the period. Institutional investors own 94.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PCTY. UBS Group increased their price objective on Paylocity from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Citigroup raised Paylocity from a “neutral” rating to a “buy” rating and raised their price target for the stock from $214.00 to $231.00 in a research note on Thursday, January 16th. KeyCorp lifted their price target on Paylocity from $220.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, February 7th. TD Cowen dropped their price objective on Paylocity from $235.00 to $228.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $254.00 target price (up from $212.00) on shares of Paylocity in a research note on Thursday, February 6th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $233.25.

Paylocity Company Profile

Paylocity Holding Corporation engages in the provision of cloud-based human capital management and payroll software solutions for workforce in the United States. The company offers payroll software solution for global payroll, expense management, tax services, on demand payment, and garnishment managed services; and time and labor management software for time and attendance, scheduling, and time collection.