Paylocity director Steven Sarowitz sells shares worth $2.15 million By Investing.com

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Paylocity director Steven Sarowitz sells shares worth $2.15 million

Published Dec 02, 2024 22:16

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Paylocity director Steven Sarowitz sells shares worth $2.15 million

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Steven I. Sarowitz, a director and ten percent owner of Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), recently sold a significant portion of his holdings in the company. The $11.7 billion market cap company has shown strong momentum, with shares up 46% over the past six months and trading near its 52-week high. According to InvestingPro analysis, the company maintains a GREAT financial health score. According to a filing with the Securities and Exchange Commission, Sarowitz sold a total of 10,237 shares of Paylocity common stock on November 27, 2024. The shares were sold at prices ranging from $209.46 to $211.94 per share, amounting to a total transaction value of approximately $2.15 million.

Following this transaction, Sarowitz holds 9,214,115 shares directly. Additionally, he has indirect ownership of 20,000 shares through the Jessica P. Sarowitz Declaration of Trust. The sales were conducted under a pre-arranged 10b5-1 trading plan, which was adopted by Sarowitz on September 15, 2023.

In other recent news, Paylocity Holding Corporation reported a strong performance in the first quarter of fiscal year 2025. The company's total revenue reached $363 million, marking a 14.3% increase compared to the same period last year. This growth was attributed to ongoing innovation and a unique value proposition in the human capital management (HCM) market. Paylocity also raised its full-year revenue guidance following the acquisition of Airbase and the launch of its AI Assistant.

In strategic developments, the company highlighted the acquisition of Airbase and the launch of the Paylocity AI Assistant. Paylocity projects fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion. The company plans to continue its focus on product innovation and the integration of its platform.

These recent developments indicate Paylocity's commitment to growth and innovation in the HCM space. The company's executives expressed confidence in Paylocity's offerings and market resonance, highlighting the efficiency of the new Paylocity AI Assistant in simplifying HR tasks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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