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Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), a company with an $11.7 billion market capitalization, saw Director Steven I. Sarowitz recently sell shares worth approximately $604,897, according to a recent filing with the Securities and Exchange Commission. The transactions took place on December 2, 2024, involving the sale of 2,900 shares of common stock. According to InvestingPro data, the stock is currently trading near its 52-week high of $215.68, having delivered an impressive 48% return over the past six months.
The shares were sold at prices ranging from $206.96 to $209.27 per share. Following these transactions, Sarowitz retains direct ownership of 8,945,315 shares in the company. Additionally, there is an indirect holding of 20,000 shares under the Jessica P. Sarowitz Declaration of Trust.
These transactions were conducted under a pre-established 10b5-1 trading plan, which Sarowitz adopted in September 2023.
In other recent news, Paylocity Holding Corporation posted robust financial results for its first quarter of fiscal year 2025. The company reported a total revenue of $363 million, marking a 14.3% increase compared to the same period last year. This robust growth is attributed to ongoing innovation and a unique value proposition in the human capital management market. Notably, Paylocity also raised its full-year revenue guidance following the acquisition of Airbase and the launch of its AI Assistant.
Further, Paylocity projects its fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion, indicating a focus on product innovation and platform integration. The company has experienced success in selling to larger businesses with 150+ employees, and the acquisition of Airbase is anticipated to further support this expansion. Additionally, the company's new AI Assistant is reported to be efficient in simplifying HR tasks, as highlighted by President and CEO Toby Williams. These are some of the recent developments within Paylocity.
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