Steven I. Sarowitz, a director and significant shareholder of Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), a $10.88 billion market cap company with impressive gross profit margins of 69%, has recently sold a substantial amount of company stock. According to a recent SEC filing, Sarowitz sold shares totaling $923,728 over two days at the end of December 2024. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with the company maintaining a "GREAT" financial health score.
The transactions involved the sale of 4,612 shares of common stock at prices ranging from $200.14 to $201.65. Following these transactions, Sarowitz holds 8,330,335 shares directly. Additionally, he maintains indirect ownership of 520,000 shares through the Jessica P. Sarowitz Declaration of Trust.
These sales were conducted under a pre-established 10b5-1 trading plan, which allows insiders to set up a predetermined plan for trading company stock, ensuring that trades are made in compliance with insider trading laws.
In other recent news, Paylocity Holding Corporation reported strong Q1 FY2025 results, with total revenue reaching $363 million, marking 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, financial services firms, adjusted their outlooks on Paylocity, raising their price targets to $240 and $235 respectively, maintaining positive ratings.
These recent developments are a reflection of Paylocity's strong positioning within the mid-market payroll sector and its effective customer acquisition and cash generation strategies. The integration of Airbase, a spend management platform, is expected to enhance Paylocity's service offerings, potentially increasing its market share.
In other company news, Paylocity recently 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, underscoring the company's commitment to strong corporate governance and financial oversight. These updates provide a snapshot of Paylocity's recent strides in the market.
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