The cluster is too small relative to market cap to signal informed bearishness. No C-suite participation and no purchases to balance. Monitor next Form 4 filings for any change in pattern; if sales accelerate beyond $5M/month or C-suite joins, reassess.
Price Chart
Executive Summary
Three directors and a 10% owner sold shares worth $621K over a week, with director Steven Sarowitz executing the bulk of the sales ($3.9M across multiple days). The total is only ~0.05% of PCTY's $8.3B market cap, making the cluster proportionally trivial. One tax-withholding event ($9K) is non-cash and carries no signal.
Key Financial Metrics
Key Facts
- Cluster total: ~$621K in open-market sales plus one tax-withholding of $9K
- Three directors (Conway, Sarowitz, Robinson) sold; no C-suite executives participated
- Sarowitz Steven I sold ~$3.9M total across six transactions over two days
- Total open-market sales represent roughly 0.05% of PCTY's $8.3B market cap
- No insider purchases occurred in the cluster window
Financial Impact
~$621K in open-market sales, or ~0.05% of market cap — trivial
Risk Factors
- If insider selling continues at an accelerating pace, could signal sector headwinds or operational concerns
- No offsetting purchases from any insider to express confidence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-PCTY-1788379604516 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $176.46 | awaiting T+1 | — | $170.27 (−3.51%) |
Oct 23, 2026 4d ago | Institutional Cluster | $177.19 $176.46 | ▼ −0.41% | ▼ −1.12% | $170.27 (−3.91%) |
Oct 22, 2026 5d ago | DEFA14A / DEF 14A | $177.67 $177.19 | ▼ −0.27% | ▲ +0.25% | $170.27 (−4.17%) |
Oct 22, 2026 5d ago | Insider Cluster | $177.19 $176.46 | ▲ +0.41% | ▲ +1.12% | $170.27 (+3.91%) |
Oct 21, 2026 5d ago | Insider Cluster | $177.67 $177.19 | ▲ +0.27% | ▼ −0.25% | $170.27 (+4.17%) |
Oct 19, 2026 8d ago | Insider Cluster | $170.06 $169.33 | ▲ +0.43% | ▲ +0.95% | $170.27 (−0.12%) |
Oct 16, 2026 10d ago | Insider Cluster | $166.17 $170.06 | ▲ +2.34% | ▲ +2.01% | $170.27 (+2.47%) |
Sep 10, 2026 6w ago | Press Release | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | $170.27 (+19.19%) |
Sep 9, 2026 6w ago | Insider Cluster | $142.86 $141.66 | ▼ −0.84% | ▼ −1.69% | $170.27 (+19.19%) |
Sep 1, 2026 7w ago | Insider Cluster | $154.29 $154.29 | · 0.00% | ▼ −1.05% | $170.27 (+10.35%) |
US Market Status
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