Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY) director and 10% owner Steven Sarowitz recently sold shares of the company’s stock, according to a filing with the Securities and Exchange Commission. The sale comes as the company trades at elevated multiples across several metrics, according to InvestingPro data, despite showing impressive gross profit margins and maintaining a strong balance sheet with more cash than debt. On December 27, Sarowitz sold a total of 400 shares, generating proceeds of $80,221. The transaction price per share ranged from $200.29 to $201.34.
Following these transactions, Sarowitz holds 8,334,947 shares directly. Additionally, he holds an indirect interest of 520,000 shares through the Jessica P. Sarowitz Declaration of Trust. The sales were executed under a pre-established 10b5-1 trading plan, which Sarowitz adopted on September 15, 2023.
In other recent news, Paylocity Holding Corporation reported robust Q1 FY2025 results, with total revenue reaching $363 million, marking a 14.3% increase compared to the same period last year. This growth was attributed to ongoing innovation, and the company also raised its full-year revenue guidance for FY2025 to be between $1.427 and $1.442 billion following the acquisition of Airbase and the launch of its AI Assistant. In terms of analyst upgrades, BMO Capital Markets raised its price target on Paylocity stock to $240 from the previous $203, while reiterating an Outperform rating. TD Cowen also increased the price target for Paylocity’s shares to $235 from the previous target of $208, maintaining a Buy rating on the stock. Both adjustments reflect the firms’ confidence in Paylocity’s growth outlook. In other company news, Paylocity recently confirmed the election of its board of directors and the ratification of KPMG LLP as its independent registered public accounting firm for the fiscal year ending June 30, 2025. These recent developments highlight Paylocity’s commitment to strong corporate governance and financial oversight.
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