Paycor HCM (PYCR) Fell 11% in Q2

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy underperformed the Russell 2000 Growth Index and returned 2.50% (net), and the index return was 7.05%. Consumer Staples, Health Care, Industrials, and Information Technology showed relative weakness. However, Communication Services and Materials showed strength, partially offsetting the weakness. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare U.S. Small Cap Growth Strategy highlighted stocks like Paycor HCM, Inc. (NASDAQ:PYCR) in the Q2 2023 investor letter. Paycor HCM, Inc. (NASDAQ:PYCR) is a US-based SaaS human resource management solutions provider headquartered in Cincinnati, Ohio. On September 22, 2023, Paycor HCM, Inc. (NASDAQ:PYCR) stock closed at $21.95 per share. One-month return of Paycor HCM, Inc. (NASDAQ:PYCR) was -6.04%, and its shares lost 20.44% of their value over the last 52 weeks. Paycor HCM, Inc. (NASDAQ:PYCR) has a market capitalization of $3.887 billion.

TimesSquare U.S. Small Cap Growth Strategy made the following comment about Paycor HCM, Inc. (NASDAQ:PYCR) in its Q2 2023 investor letter:

“Paycor HCM, Inc. (NASDAQ:PYCR) provides software-as-a-service human capital management solutions for small and mid-sized businesses. The company reported solid fiscal third quarter results, outpacing estimates for revenues and profits. However, while fourth-quarter guidance is mostly in line, it implies a drop in recurring revenues. We decided to trim the position, which fell by -11%.”

Photo by Austin Distel on Unsplash

Paycor HCM, Inc. (NASDAQ:PYCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Paycor HCM, Inc. (NASDAQ:PYCR) at the end of second quarter which was 12 in the previous quarter.

We discussed Paycor HCM, Inc. (NASDAQ:PYCR) in another article and shared the list of biggest payroll companies in the US. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.