SCHAUMBURG, IL—Steven I. Sarowitz, a director and significant shareholder of Paylocity (NASDAQ:) Holding Corp (NASDAQ:PCTY), recently sold shares of the company’s common stock. According to a recent SEC filing, Sarowitz executed three separate sales transactions on November 29, 2024, totaling $603,704. The cloud-based payroll provider, currently valued at $11.58 billion, has shown impressive momentum with a 51.53% price return over the past six months. InvestingPro analysis indicates the stock is trading near its 52-week high of $215.68.
The sales were conducted under an approved 10b5-1 plan, which allows insiders to set up a predetermined plan to sell stocks, helping to avoid accusations of insider trading. The shares were sold at prices ranging from $207.12 to $208.78 per share.
Following these transactions, Sarowitz retains direct ownership of 9,211,215 shares. Additionally, 20,000 shares are held indirectly through the Jessica P. Sarowitz Declaration of Trust.
In other recent news, Paylocity Holding Corporation posted robust Q1 FY2025 results, with total revenue reaching $363 million, marking a 14.3% increase year-over-year. This growth is attributed to ongoing innovation and a unique value proposition in the human capital management (HCM) software solutions market. Following the acquisition of Airbase and the launch of its AI Assistant, Paylocity has raised its full-year revenue guidance.
Strategic developments for the company include the acquisition of Airbase and the launch of the Paylocity AI Assistant. The company has also reported that more than 25% of new business is generated through referral channels.
In the future, Paylocity projects FY2025 recurring and other revenue to be between $1.427 and $1.442 billion, with a continued focus on product innovation and platform integration. The company has expressed cautious optimism regarding the macroeconomic environment and workforce levels. Lastly, the company has experienced success in selling to larger businesses with 150+ employees and anticipates the Airbase acquisition to further support Paylocity’s expansion upmarket.
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