Should You Sell Paylocity Holding Corporation (PCTY) Now?

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned -4.34% net of fees in the third quarter compared to -0.24% return for the Russell 2000 Growth Index. Stock selection led to the underperformance of the strategy in the quarter. The portfolio also faced style headwinds due to an underweight exposure to momentum and overweight exposure to profitability. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital discussed 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 that provides cloud-based solutions for human capital management and payroll. On October 26, 2022, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $226.55 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was -8.05% and its shares lost 24.88% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $12.612 billion.

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

“The top absolute contributors to the Portfolio’s performance over the quarter included Wingstop, Paylocity Holding Corporation (NASDAQ:PCTY), and Progyny. Paylocity, a leading provider of cloud-based payroll and Human Capital Management (HCM) software, continued to benefit from a robust demand environment and delivered better-than-expected results. We eliminated our position during the period. We eliminated our position in Paylocity on the back of solid performance as it is a success story and has graduated out of our market cap range.”

Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Paylocity Holding Corporation (NASDAQ:PCTY) at the end of the second quarter which was 30 in the previous quarter.

We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared the best stocks to according to Jeffrey Diehl’s Adams Street Partners. 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.