Paylocity Holding Corporation (PCTY) Outperformed in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small/Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell 2500 Growth Index and returned 0.22% (net), and the index return was -0.12%. During the quarter, weakness in Financials, Health Care, and Industrial sectors was offset by strength in Consumer Staples, Consumer Discretionary, and Information Technology sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital highlighted stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in the Q3 2022 investor letter. Headquartered in Schaumburg, Illinois, Paylocity Holding Corporation (NASDAQ:PCTY) is a software company. On December 21, 2022, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $197.47 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was -8.16%, and its shares lost 17.50% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $10.994 billion.

TimesSquare Capital made the following comment about Paylocity Holding Corporation (NASDAQ:PCTY) in its Q3 2022 investor letter:

“A final area of strength was the Information Technology sector. This was home to the strategy’s greatest contributor, Paylocity Holding Corporation (NASDAQ:PCTY)—the provider of cloud-based payroll and human capital management software for medium-sized organizations. Paylocity reported better-than-anticipated revenues and earnings, along with higher initial guidance for its new fiscal year than investors expected. Employee volumes at Paylocity’s existing clients increased, as did the size of new clients recently gained. That led to a 38% gain for its shares.”

Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Paylocity Holding Corporation (NASDAQ:PCTY) at the end of the third quarter, which was 24 in the previous quarter.

We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared Alger Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.