Is this the Best Time to Add Paylocity (PCTY) to Your Portfolio?
ClearBridge Investments, an investment management firm, released its fourth-quarter 2023 “ClearBridge Aggressive Growth Strategy” investor letter, which can be downloaded here. The strategy outperformed its Russell 3000 Growth Index benchmark for the quarter. It had delivered gains across seven of the eight sectors in which it was invested on an absolute basis. Overall stock selection contributed to the strategy's performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Aggressive Growth Strategy featured stocks like Paylocity Holding Corporation (NASDAQ:PCTY) in its Q4 2023 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 March 18, 2024, Paylocity Holding Corporation (NASDAQ:PCTY) stock closed at $168.65 per share. One-month return of Paylocity Holding Corporation (NASDAQ:PCTY) was -4.21%, and its shares lost 7.46% of their value over the last 52 weeks. Paylocity Holding Corporation (NASDAQ:PCTY) has a market capitalization of $9.5 billion.
ClearBridge Aggressive Growth Strategy stated the following regarding Paylocity Holding Corporation (NASDAQ:PCTY) in its fourth quarter 2023 investor letter:
"We also took advantage of weakness in payroll providers due to fears of slowing growth to initiate a position in Paylocity Holding Corporation (NASDAQ:PCTY). The company delivers payroll, HR, learning, benefits and recruiting solutions through an integrated cloud platform that caters to mid-sized companies and is gaining share from both legacy and regional providers in an addressable market of over 1.3 million businesses. Paylocity has more than doubled its average revenue per user since its IPO, demonstrating expansion potential within its customer base. Already profitable, we expect Paylocity to deliver healthy margin expansion in the years ahead."
A business operations manager, looking over the expense management system that helps simplifies the financials for the company.
Paylocity Holding Corporation (NASDAQ:PCTY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Paylocity Holding Corporation (NASDAQ:PCTY) was held by 31 hedge fund portfolios, compared to 34 in the previous quarter, according to our database.
We discussed Paylocity Holding Corporation (NASDAQ:PCTY) in another article and shared the list of high growth NASDAQ stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 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.
