Jeffrey T. Diehl, a director at Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), has recently sold shares of the company amounting to approximately $947,305, according to a filing with the Securities and Exchange Commission. The transactions occurred on November 25, 2024, with shares sold at prices ranging from $209.17 to $210.77. The sale comes as Paylocity shares trade near their 52-week high of $215.68, having delivered an impressive 39.77% return over the past six months. According to InvestingPro, the company maintains strong financial health with a GREAT overall rating.
The shares were sold in multiple transactions by various funds managed by Adams Street Partners, LLC, where Diehl is a partner. These funds include Adams Street 2006 Direct Fund L.P., Adams Street 2007 Direct Fund L.P., Adams Street 2008 Direct Fund L.P., Adams Street 2009 Direct Fund L.P., Adams Street 2010 Direct Fund L.P., Adams Street 2011 Direct Fund LP, Adams Street 2012 Direct Fund LP, and Adams Street Co-Investment Fund II, L.P.
Following these transactions, the funds have adjusted their holdings in Paylocity, with some of the funds now holding no shares, while others retain a reduced number of shares. This series of sales reflects an adjustment in the portfolio holdings managed by Adams Street Partners.
In other recent news, Paylocity Holding Corporation reported impressive financial results for the first quarter of fiscal year 2025. The company's total revenue reached $363 million, marking a 14.3% year-over-year growth. This significant increase was attributed to ongoing innovation and a unique value proposition in the human capital management (HCM) market. Notably, Paylocity raised its full-year revenue guidance following the strategic acquisition of Airbase and the launch of its AI Assistant.
These recent developments also include a 14.2% increase in recurring and other revenue, along with an improved adjusted gross profit of 74% and an adjusted EBITDA margin of 35.5%. In the company's outlook, Paylocity projects its fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion, with a continued focus on product innovation and platform integration.
Furthermore, the company expressed cautious optimism regarding the macroeconomic environment and workforce levels. Paylocity's recent success in selling to larger businesses with 150+ employees and the anticipated support from the Airbase acquisition for its expansion upmarket were highlighted. Lastly, the efficiency of the new Paylocity AI Assistant in simplifying HR tasks was noted by President and CEO Toby Williams.
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