Paylocity director Steven Sarowitz sells shares worth $899,659

Published 27/12/2024, 22:20
Paylocity director Steven Sarowitz sells shares worth $899,659

Steven I. Sarowitz, a director and ten percent owner of Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), recently sold shares of the company worth approximately $899,659. The transactions, disclosed in a recent SEC filing, took place on December 24 and December 26, 2024. The $11.1 billion market cap company has shown impressive financial performance, with a robust gross profit margin of 68.7% and a "GREAT" financial health rating according to InvestingPro analysis.

The sales involved a total of 4,483 shares of Paylocity common stock, with prices per share ranging from $200.36 to $201.16. Following these transactions, Sarowitz holds a direct ownership of 8,335,347 shares. The stock has demonstrated strong momentum, gaining over 51% in the past six months, and currently trades near its 52-week high of $215.68. InvestingPro analysis suggests the stock is slightly undervalued, with 12 additional exclusive insights available to subscribers.

These transactions were conducted under an approved 10b5-1 Plan, which allows insiders to set up a trading plan for selling stocks they own, specifying the number of shares and price at which they are to be sold. This plan was adopted by Sarowitz on September 15, 2023.

Sarowitz also indirectly owns 520,000 shares through the Jessica P. Sarowitz Declaration of Trust.

"In other recent news, Paylocity Holding Corporation reported strong Q1 FY2025 results, with total revenue reaching $363 million, a 14.3% increase year over year. The company also raised its full-year revenue guidance for FY2025 to be between $1.427 and $1.442 billion. This follows the integration of Airbase and the launch of its AI Assistant. BMO Capital Markets and TD Cowen have both revised their outlook on Paylocity, raising their price targets to $240 and $235 respectively, reflecting confidence in the company's growth trajectory. BMO Capital Markets maintained an Outperform rating while TD Cowen kept a Buy rating. In other developments, Paylocity confirmed the election of its board of directors and the ratification of KPMG LLP as its independent registered public accounting firm for FY2025 during its annual meeting. These recent developments highlight Paylocity's ongoing financial performance and strategic initiatives."

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