Steven I. Sarowitz, a director and ten percent owner at Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY), a company with an $11.32 billion market cap and impressive 68.67% gross profit margins, has sold a significant portion of his shares in the company. According to a recent SEC filing, Sarowitz sold a total of 11,778 shares on December 9, 2024. InvestingPro analysis indicates the stock is currently trading below its Fair Value. The sale amounted to approximately $2.39 million, with transaction prices ranging between $202.85 and $206.46 per share.
Following these transactions, Sarowitz retains ownership of 8,414,936 shares directly. Additionally, he holds 520,000 shares indirectly through the Jessica P. Sarowitz Declaration of Trust. The transactions were conducted under a pre-established 10b5-1 trading plan.
In other recent news, Paylocity Holding Corporation has reported strong financial results for the first quarter of fiscal year 2025. The company's total revenue reached $363 million, marking a 14.3% increase compared to the same period last year. This growth has been attributed to ongoing innovation and a unique value proposition in the human capital management (HCM) software solutions market. Following the acquisition of Airbase and the launch of its AI Assistant, Paylocity has raised its full-year revenue guidance, projecting fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion.
In other developments, the company 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. The directors elected include Steven R. Beauchamp, Linda M. Breard, Virginia G. Breen, Craig A. Conway, Robin L. Pederson, Andres D. Reiner, Kenneth B. Robinson, Steven I. Sarowitz, Ronald V. Waters (NYSE:WAT) III, and Toby J. Williams.
Financial services firm TD Cowen has updated its outlook on Paylocity, increasing the price target for the company's shares to $235 from the previous target of $208, while maintaining a Buy rating on the stock. This adjustment reflects the latest federal funds rate expectations and considerations for the company's forthcoming second-quarter financial report.
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