Form 4: Paylocity Director Steven I. Sarowitz Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Director Steven I. Sarowitz of Paylocity Holding Corp sold a total of 10,237 shares of common stock on November 27, 2024, under a pre-arranged 10b5-1 trading plan.
Summary
- Steven I. Sarowitz, a director and 10% owner of Paylocity Holding Corp, sold shares of the company's common stock on November 27, 2024.
- The sales were executed under a pre-arranged 10b5-1 trading plan adopted on September 15, 2023.
- A total of 10,237 shares were sold in multiple transactions at varying prices.
- The sales were conducted at weighted average prices of $209.46, $210.13, $211.31 and $211.94 per share.
- Following these transactions, Sarowitz directly owns 9,214,115 shares and indirectly owns 20,000 shares through the Jessica P. Sarowitz Declaration of Trust.
Sentiment
Score: 5
Explanation: The document reflects a routine insider transaction under a pre-arranged plan, which is neither positive nor negative in itself. It's a neutral event.
Risks
- Sales by insiders, even under pre-arranged plans, can sometimes be perceived negatively by the market.
Industry Context
This is a routine filing related to insider trading activity. It is common for executives and directors to use 10b5-1 plans to manage their stock sales, which helps avoid accusations of trading on inside information.
Comparison to Industry Standards
- The use of 10b5-1 trading plans is a standard practice among corporate insiders at publicly traded companies, including those in the technology and software sectors like Paylocity.
- Similar filings are regularly seen from directors and executives at companies like Workday (WDAY), Automatic Data Processing (ADP), and other SaaS providers.
Stakeholder Impact
- The share sales may have a minor impact on the stock price, but the pre-arranged nature of the sales should mitigate any significant negative reaction from shareholders.
Key Dates
| Date | Description |
|---|---|
| 2023-09-15 | Date the 10b5-1 trading plan was adopted by Steven I. Sarowitz. |
| 2024-11-27 | Date of the share sales by Steven I. Sarowitz. |
| 2024-12-02 | Date the Form 4 was signed. |
Keywords
Paylocity, PCTY, Steven I. Sarowitz, insider trading, 10b5-1 plan, share sale, director, stock transaction
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