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Is Paycom Software (PAYC) a Good Growth Investment?

Polen Capital, an investment management company, released its “Polen U.S. SMID Company Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio returned 1.44% net of fees in the third quarter compared to -0.12% return for the Russell 2500 Growth Index. Stock selection is a significant factor in the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Polen Capital discussed stocks like Paycom Software, Inc. (NYSE:PAYC) in the Q3 2022 investor letter. Headquartered in Oklahoma City, Oklahoma, Paycom Software, Inc. (NYSE:PAYC) is a Human Resource Management solution provider. On October 26, 2022, Paycom Software, Inc. (NYSE:PAYC) stock closed at $331.04 per share. One-month return of Paycom Software, Inc. (NYSE:PAYC) was -1.01% and its shares lost 38.39% of their value over the last 52 weeks. Paycom Software, Inc. (NYSE:PAYC) has a market capitalization of $19.871 billion.

Polen Capital made the following comment about Paycom Software, Inc. (NYSE:PAYC) in its Q3 2022 investor letter:

“The top absolute contributors to the Portfolio’s performance over the quarter included Wingstop, The Trade Desk, and Paycom Software, Inc. (NYSE:PAYC). Paycom, a leading provider of cloud-based payroll and Human Capital Management (HCM) software, continued to benefit from a strong demand environment and delivered better-than-expected results, raising its full-year guidance. PAYC continues to be an emerging leader in this $20B+ industry and we believe they are only just scratching the surface.”

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Paycom Software, Inc. (NYSE:PAYC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Paycom Software, Inc. (NYSE:PAYC) at the end of the second quarter which was 49 in the previous quarter.

We discussed Paycom Software, Inc. (NYSE:PAYC) in another article and shared the ten best tech stocks to buy according to Anand Parekh’s Alyeska Investment. 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.

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