Steven I. Sarowitz, a director and significant shareholder of Paylocity (NASDAQ:) Holding Corp (NASDAQ:PCTY), has recently sold shares worth approximately $4.84 million. The transactions, conducted over two days, involved the sale of 25,723 shares of common stock at prices ranging from $193.29 to $198.33 per share.
On November 18, Sarowitz sold 12,226 shares, with prices per share ranging between $194.87 and $198.73. The following day, November 19, he sold an additional 13,497 shares, at prices between $192.77 and $196.18. After these transactions, Sarowitz retains direct ownership of 9,288,350 shares in the company.
These sales were carried out under a pre-established 10b5-1 trading plan, which Sarowitz adopted on September 15, 2023. Such plans allow insiders to set up a predetermined schedule for selling stocks to avoid potential conflicts of interest.
Paylocity, a provider of cloud-based payroll and human capital management software solutions, continues to be a significant holding for Sarowitz, despite the recent sales.
In other recent news, Paylocity Holding has been the focus of positive attention from several analyst firms following impressive first-quarter results, which included a 14% revenue growth and higher-than-anticipated EBITDA margins. Needham reiterated its Buy rating on Paylocity, citing positive feedback from customers and competitive pricing. BMO Capital, Piper Sandler, and Jefferies also expressed confidence in the company, raising their price targets to $203, $212, and $200 respectively.
The acquisition of Airbase, a spend management platform, is expected to enhance Paylocity’s product offerings and drive further growth. This strategic move, along with effective margin management, has been commended by analysts. Paylocity also revised its top-line forecast for fiscal year 2025 upwards by $22 million, reflecting strong financial performance.
These recent developments highlight Paylocity’s strong operational capabilities and positive reception among its customer base. Analysts’ confidence in the company’s prospects, as well as its robust financial performance, have contributed to the positive outlook for Paylocity.
InvestingPro Insights
To provide additional context to Steven I. Sarowitz’s recent stock sales, let’s examine some key financial metrics and insights from InvestingPro for Paylocity Holding Corp (NASDAQ:PCTY).
According to InvestingPro data, Paylocity’s market capitalization stands at $10.92 billion, reflecting its…
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