Chip stocks fall with Nvidia after data center rev disappointment
In a recent transaction, Andrew Cappotelli, the Senior Vice President of Operations at Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), a $10.9 billion market cap company with impressive gross profit margins of 69%, sold 10 shares of the company's common stock. The shares were sold at a price of $201.59 each, amounting to a total transaction value of $2,015. Following this sale, Cappotelli holds 14,572 shares in the company. This transaction was conducted under a pre-established 10b5-1 trading plan, which Cappotelli adopted on September 17, 2024. The stock has shown strong momentum with a 45% gain over the past six months, and according to InvestingPro analysis, the company currently appears slightly undervalued. InvestingPro subscribers have access to 15 additional key insights about PCTY, along with comprehensive financial analysis in the Pro Research Report.
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. Following the acquisition of Airbase and the launch of its AI Assistant, the company also raised its full-year revenue guidance for FY2025 to be between $1.427 and $1.442 billion. On the analyst front, BMO Capital Markets raised its price target on Paylocity's stock to $240, reiterating an Outperform rating, reflecting confidence in the company's positioning within the mid-market payroll sector. Similarly, TD Cowen increased the price target for Paylocity's shares to $235, maintaining a Buy rating. These recent developments highlight Paylocity's commitment to strong corporate governance and financial oversight. In other company news, Paylocity recently held its annual meeting where it 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.
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