Paylocity (NASDAQ:PCTY) Holding Corp (NASDAQ:PCTY) director Jeffrey T. Diehl has recently sold a total of $101,291 worth of company stock, according to the latest SEC filings. The transactions took place on March 14, 2024, with the shares being sold at a weighted average price of $168.82.
The sales were executed in multiple transactions with prices ranging from $168.71 to $168.91. Diehl's sales are part of a series of transactions involving indirect ownership through various funds associated with Adams Street Partners, LLC, where Diehl is a partner. The funds that indirectly held the shares include Adams Street 2006 Direct Fund L.P., Adams Street 2007 Direct Fund L.P., and several others up to Adams Street 2012 Direct Fund LP.
Following the sales, Diehl continues to have indirect ownership in Paylocity through these funds. The exact number of shares sold at each price point within the range is available upon request to Paylocity Holding Corporation, any security holder of Paylocity, or the Securities and Exchange Commission.
The SEC filing also notes that Diehl holds Restricted Stock Units (RSUs) directly, which are deemed to be held for the benefit of the funds managed by Adams Street Partners, LLC. Diehl disclaims beneficial ownership of these RSUs except to the extent of his pecuniary interest.
Paylocity Holding Corp, based in Schaumburg, Illinois, specializes in cloud-based payroll and human capital management software solutions and is recognized within the prepackaged software industry. The company's stock is traded on the NASDAQ under the ticker symbol PCTY.
InvestingPro Insights
As Paylocity Holding Corp (NASDAQ:PCTY) makes headlines with recent insider stock sales, investors are closely monitoring the company's financial health and market performance. According to the latest data from InvestingPro, Paylocity boasts a solid market capitalization of $9.5 billion, reflecting investor confidence in the company's market position and future growth prospects.
Despite recent stock sales by director Jeffrey T. Diehl, Paylocity's financial metrics suggest a strong foundation. The company is currently trading at a high Price / Book multiple of 9.63, indicating that investors are willing to pay a premium for Paylocity's book value, often a sign of expected growth or strong company fundamentals. Furthermore, Paylocity's gross profit margins are impressive, standing at 69.05% for the last twelve months as of Q2 2024. This level of profitability is a testament to the company's ability to manage its costs effectively while maintaining a robust pricing strategy.
For those considering an investment in Paylocity, two particular InvestingPro Tips stand out. Firstly, the company holds more cash than debt on its balance sheet, which suggests a solid financial position and the ability to weather economic uncertainties. Secondly, Paylocity is expected to see net income growth this year, a positive indicator for potential investors looking for companies with an upward earnings trajectory.
With these insights in mind, investors may find additional value by exploring other InvestingPro Tips available for Paylocity. There are 14 tips in total, offering a comprehensive analysis of the company's financials and market position. For those interested in a deeper dive, consider using the special coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro, where you can access detailed metrics and tips for Paylocity at https://www.investing.com/pro/PCTY. This could provide a more nuanced understanding of the company's performance and potential investment opportunities.
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