ClearBridge Mid Cap Growth Strategy highlighted stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in its Q4 2022 investor letter. Headquartered in Schaumburg, Illinois, Paylocity Holding Corporation (NASDAQ:PCTY) is a software company that provides cloud-based human capital management and payroll software solutions. On February 16, 2023, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $209.20 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was 6.94% and its shares gained 5.85% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $11.667 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about Paylocity Holding Corporation (NASDAQ:PCTY) in its Q4 2022 investor letter:
“Paylocity Holding Corporation (NASDAQ:PCTY) also held up well against broad customer spending slowdowns earlier in the year but saw its share price weaken on broader macro headwinds during the quarter. The company’s cloud-based human capital management and payroll software solutions help businesses manage through broad labor shortages and provide solutions to retain talent. However, as excess slack in the labor market has begun to be absorbed, investments in human resources solutions have declined. Additionally, we believe Paylocity continues to have a compelling long-term growth runway as it attracts new customers and gains market share against large, mature competitors.”
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 TimesSquare Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Source Yahoo! Finance