Steven I. Sarowitz, a director and ten percent owner of Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), has recently sold a significant portion of his holdings in the company. According to an SEC filing, Sarowitz sold a total of 4,715 shares of Paylocity common stock on December 18, 2024. The shares were sold at prices ranging from $200.15 to $205.17 per share, resulting in a total transaction value of approximately $957,827. The transaction comes as Paylocity, currently valued at $10.92 billion, maintains impressive gross profit margins of 69% and has delivered a strong 44% return over the past six months. InvestingPro analysis indicates the stock is currently trading below its Fair Value.
Following these transactions, Sarowitz maintains ownership of 8,339,830 shares directly, as well as 520,000 shares indirectly through the Jessica P. Sarowitz Declaration of Trust. The sales were conducted under a pre-established 10b5-1 trading plan, which allows insiders to sell shares at predetermined times to avoid any potential conflicts of interest. For deeper insights into Paylocity's financial health (rated "GREAT" by InvestingPro) and access to 15+ additional ProTips, consider exploring the comprehensive Pro Research Report available on the platform.
In other recent news, Paylocity Holding Corporation reported Q1 FY2025 revenue of $363 million, a 14.3% increase compared to the same period last year. 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. BMO Capital Markets and TD Cowen have both adjusted their outlook on Paylocity, raising their price targets to $240 and $235 respectively, reflecting confidence in the company's growth trajectory. Paylocity's recent integration of Airbase, a spend management platform, is expected to enhance the company's offerings and increase its share of customer wallets. In other company news, Paylocity recently held its annual meeting, confirming 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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