Steven I. Sarowitz Sells 2,600 Shares of Paylocity Holding Co. (NASDAQ:PCTY) Stock

Paylocity Holding Co. (NASDAQ:PCTY) Director Steven I. Sarowitz sold 2,600 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $200.14, for a total value of $520,364.00. Following the transaction, the director now directly owns 8,332,347 shares in the company, valued at approximately $1,667,635,928.58. The trade was a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Paylocity Trading Up 2.1 %

Paylocity stock opened at $199.23 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.29. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $215.68. The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of 50.95, a P/E/G ratio of 4.93 and a beta of 0.92. The firm has a 50 day moving average of $200.99 and a 200 day moving average of $170.04.

Wall Street Analyst Weigh In

Several research firms have issued reports on PCTY. Jefferies Financial Group upped their target price on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, December 9th. BMO Capital Markets increased their price objective on shares of Paylocity from $175.00 to $203.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Truist Financial lifted their target price on shares of Paylocity from $195.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. KeyCorp increased their price target on Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC lifted their price objective on Paylocity from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.71.

Institutional Trading of Paylocity

Institutional investors and hedge funds have recently modified their holdings of the company. Rothschild Investment LLC bought a new stake in Paylocity during the second quarter valued at about $40,000. Van ECK Associates Corp raised its stake in Paylocity by 4.6% during the 2nd quarter. Van ECK Associates Corp now owns 8,375 shares of the software maker’s stock valued at $1,104,000 after purchasing an additional 370 shares during the period. CIBC Asset Management Inc lifted its holdings in Paylocity by 12.1% in the 2nd quarter. CIBC Asset Management Inc now owns 1,594 shares of the software maker’s stock worth $210,000 after purchasing an additional 172 shares in the last quarter. Rhumbline Advisers boosted its stake in Paylocity by 0.6% in the 2nd quarter. Rhumbline Advisers now owns 129,753 shares of the software maker’s stock worth $17,108,000 after purchasing an additional 747 shares during the period. Finally, TD Asset Management Inc grew its holdings in Paylocity by 2.5% during the 2nd quarter. TD Asset Management Inc now owns 290,053 shares of the software maker’s stock valued at $38,243,000 after buying an additional 6,956 shares in the last quarter. 94.76% of the stock is currently owned by institutional investors.

About Paylocity

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.