Jeffrey T. Diehl, a director at Paylocity (NASDAQ:) Holding Corp (NASDAQ:PCTY), has sold a significant amount of company stock, according to a recent SEC filing. On November 22, Diehl sold shares totaling approximately $2.09 million. The sales were executed at prices ranging from $205.22 to $205.76 per share, near the stock’s 52-week high of $215.68. The timing of the sale coincides with Paylocity’s impressive 39.77% price return over the past six months.
These transactions involved multiple sales of Paylocity’s common stock across various funds managed by Adams Street Partners, LLC, where Diehl is a partner. Post-transaction, Diehl’s indirect holdings in Paylocity, through these funds, have been adjusted accordingly. According to InvestingPro data, Paylocity maintains a “GREAT” financial health score, with strong profitability metrics and robust cash flows.
The shares were sold by Adams Street Direct Funds, with specific transactions involving the 2006, 2007, 2008, 2009, 2010, 2011, and 2012 Direct Funds, as well as the Co-Investment Fund II. Despite these sales, Diehl maintains a substantial indirect position in Paylocity through these funds. The company, currently valued at $11.59 billion, trades at premium multiples across various metrics, suggesting high market expectations for future growth.
In other recent news, Paylocity Holding Corporation reported a strong start to the fiscal year 2025 with Q1 results showing a 14.3% year-over-year increase in total revenue, which reached $363 million. This growth is attributed to ongoing innovation and a unique value proposition in the human capital management market. The company also raised its full-year revenue guidance following strategic developments, including the acquisition of Airbase and the launch of its AI Assistant.
Paylocity’s recurring and other revenue saw a 14.2% increase, and adjusted gross profit improved to 74%, with an adjusted EBITDA margin standing at 35.5%. The company projects fiscal year 2025 recurring and other revenue to be between $1.427 and $1.442 billion.
Furthermore, Paylocity has experienced success in selling to larger businesses with 150+ employees, and the Airbase acquisition is anticipated to further support Paylocity’s expansion upmarket. The company’s modern software offerings and the efficiency of the new Paylocity AI Assistant were highlighted in the earnings call. These are the recent developments from Paylocity.
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