The concentrated selling by the two most senior insiders without 10b5-1 plan coverage is a bearish signal. Monitor for any upcoming earnings pre-announcement, guidance revision, or material corporate event that may have prompted the sales. The next quarterly report (expected late January 2027) will be key to assess if fundamentals are deteriorating.
Price Chart
Executive Summary
Two top insiders at Paylocity — Executive Chairman Steven Beauchamp and Director/10% Owner Steven Sarowitz — sold a combined $6.3M in open-market sales over two days, with Sarowitz alone selling $3.8M. This is a material cluster of insider selling by the two most senior insiders, representing approximately 0.4% of market cap, and is a bearish signal given the absence of 10b5-1 plan indications and the concentration in the highest-ranking officers.
Key Financial Metrics
Key Facts
- Two insiders sold a total of $6.3M in open-market sales over October 15–16, 2026.
- Executive Chairman Steven Beauchamp sold 15,000 shares for ~$2.5M across five transactions.
- Director/10% Owner Steven Sarowitz sold 23,194 shares for ~$3.8M across five transactions.
- No 10b5-1 plan indications were noted for any of the sales.
- Total sales represent approximately 0.4% of Paylocity's market cap.
- The cluster is concentrated in the two most senior insiders, amplifying the signal.
Financial Impact
$6.3M in open-market insider sales, ~0.4% of market cap
Risk Factors
- Insider selling may reflect non-public negative information about upcoming earnings or business trends.
- Concentration of sales in top insiders increases the likelihood of informed selling.
- No offsetting insider buying was observed in the cluster, reinforcing the bearish signal.
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PCTY-1792613143947 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | Institutional Cluster | $176.69 | awaiting T+1 | — | $177.19 (+0.28%) |
Oct 22, 2026 3d ago | DEFA14A / DEF 14A | $177.67 $177.19 | ▼ −0.27% | ▲ +0.25% | $177.19 (−0.27%) |
Oct 22, 2026 4d ago | Insider Cluster | $177.94 | awaiting T+1 | — | $177.19 (+0.42%) |
Oct 21, 2026 4d ago | Insider Cluster | $177.67 $177.19 | ▲ +0.27% | ▼ −0.25% | $177.19 (+0.27%) |
Oct 19, 2026 7d ago | Insider Cluster | $170.06 $169.33 | ▲ +0.43% | ▲ +0.95% | $177.19 (−4.19%) |
Oct 16, 2026 9d ago | Insider Cluster | $166.17 $170.06 | ▲ +2.34% | ▲ +2.01% | $177.19 (+6.63%) |
Sep 10, 2026 6w ago | Press Release | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | $177.19 (+24.03%) |
Sep 9, 2026 6w ago | Insider Cluster | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | $177.19 (+24.03%) |
Sep 1, 2026 7w ago | Insider Cluster | $154.29 $154.29 | · 0.00% | ▼ −1.05% | $177.19 (+14.84%) |
Sep 1, 2026 7w ago | Insider Cluster | $154.29 $154.29 | · 0.00% | ▼ −1.05% | $177.19 (+14.84%) |
US Market Status
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