Insider Selling: Paylocity Holding Co. (NASDAQ:PCTY) Director Sells $520,364.00 in Stock

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

Paylocity Stock Up 2.1 %

Paylocity stock opened at $199.23 on Friday. Paylocity Holding Co. has a fifty-two week low of $129.94 and a fifty-two week high of $215.68. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.32 and a current ratio of 1.32. The stock’s fifty day moving average is $200.99 and its two-hundred day moving average is $170.04. The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of 50.95, a price-to-earnings-growth ratio of 4.93 and a beta of 0.93.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PCTY. JPMorgan Chase & Co. lifted its stake in shares of Paylocity by 81.9% during the third quarter. JPMorgan Chase & Co. now owns 856,536 shares of the software maker’s stock valued at $141,303,000 after buying an additional 385,625 shares during the period. Millennium Management LLC raised its stake in shares of Paylocity by 435.2% during the second quarter. Millennium Management LLC now owns 331,253 shares of the software maker’s stock valued at $43,676,000 after purchasing an additional 269,354 shares during the period. Point72 Asset Management L.P. boosted its position in Paylocity by 283.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 309,761 shares of the software maker’s stock valued at $51,101,000 after buying an additional 229,057 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in Paylocity by 1,662.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 181,920 shares of the software maker’s stock valued at $23,986,000 after purchasing an additional 171,597 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Paylocity by 58.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 335,946 shares of the software maker’s stock valued at $44,296,000 after purchasing an additional 123,744 shares in the last quarter. 94.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial lifted their price objective 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. StockNews.com raised Paylocity from a “hold” rating to a “buy” rating in a research report on Saturday, December 7th. Jefferies Financial Group lifted their target price on shares of Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a report on Monday, December 9th. Piper Sandler increased their price target on shares of Paylocity from $172.00 to $212.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, TD Cowen raised their price target on Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Paylocity currently has an average rating of “Moderate Buy” and a consensus target price of $205.71.

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.