Paylocity Holding Co. (NASDAQ:PCTY) Director Steven I. Sarowitz Sells 11,473 Shares of Stock

Paylocity Holding Co. (NASDAQ:PCTY) Director Steven I. Sarowitz sold 11,473 shares of the business’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $203.37, for a total value of $2,333,264.01. Following the sale, the director now owns 8,344,545 shares of the company’s stock, valued at approximately $1,697,030,116.65. The trade was a 0.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Paylocity Stock Up 0.9 %

Shares of PCTY stock opened at $196.20 on Friday. The company has a market capitalization of $10.94 billion, a price-to-earnings ratio of 50.18, a P/E/G ratio of 4.93 and a beta of 0.92. Paylocity Holding Co. has a 12-month low of $129.94 and a 12-month high of $215.68. The firm has a fifty day moving average of $194.82 and a 200-day moving average of $165.46. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.29.

Institutional Trading of Paylocity

Institutional investors and hedge funds have recently bought and sold shares of the stock. Lord Abbett & CO. LLC raised its position in Paylocity by 3.2% during the third quarter. Lord Abbett & CO. LLC now owns 287,264 shares of the software maker’s stock valued at $47,389,000 after purchasing an additional 8,878 shares in the last quarter. Tidal Investments LLC increased its holdings in Paylocity by 207.0% in the 3rd quarter. Tidal Investments LLC now owns 8,836 shares of the software maker’s stock worth $1,458,000 after purchasing an additional 5,958 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in Paylocity in the third quarter valued at about $239,000. Geode Capital Management LLC boosted its stake in shares of Paylocity by 3.6% during the third quarter. Geode Capital Management LLC now owns 1,048,806 shares of the software maker’s stock valued at $173,053,000 after purchasing an additional 36,590 shares in the last quarter. Finally, Vestcor Inc grew its holdings in shares of Paylocity by 943.8% during the third quarter. Vestcor Inc now owns 10,000 shares of the software maker’s stock worth $1,650,000 after purchasing an additional 9,042 shares during the last quarter. Institutional investors own 94.76% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PCTY. StockNews.com raised shares of Paylocity from a “hold” rating to a “buy” rating in a research note on Saturday, December 7th. Piper Sandler raised their price objective on shares of Paylocity from $172.00 to $212.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. KeyCorp upped their target price on shares of Paylocity from $187.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, October 31st. TD Cowen raised their price target on Paylocity from $208.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Jefferies Financial Group increased their target price on Paylocity from $215.00 to $240.00 and gave the company a “buy” rating in a research note 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 company. Based on data from MarketBeat.com, the stock presently has a consensus 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.