Paycor HCM (PYCR) Experienced Pressure Due to Disappointing Peer Performance
Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the Small Cap Composite outperformed the Russell 2000 Growth Index benchmark and returned 21.93% versus the benchmark’s return of 18.66%. The strategy rose 10.97% net-of-fees in the fourth quarter compared to the 12.75% return for the index. As anticipated, the strategy produced the majority of its outperformance during the down-market times. In general, 2023 had mixed results for better-caliber businesses. Sector allocations contributed more to Conestoga’s relative performance in the Small Cap Composite than stock selection effects did. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Small Cap Strategy featured stocks such as Paycor HCM, Inc. (NASDAQ:PYCR) in the Q4 2023 investor letter. Paycor HCM, Inc. (NASDAQ:PYCR) is a US-based SaaS human resource management solutions provider headquartered in Cincinnati, Ohio. On February 16, 2024, Paycor HCM, Inc. (NASDAQ:PYCR) stock closed at $20.86 per share. One-month return of Paycor HCM, Inc. (NASDAQ:PYCR) was 3.06%, and its shares lost 20.80% of their value over the last 52 weeks. Paycor HCM, Inc. (NASDAQ:PYCR) has a market capitalization of $3.714 billion.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Paycor HCM, Inc. (NASDAQ:PYCR) in its fourth quarter 2023 investor letter:
"Paycor HCM, Inc. (NASDAQ:PYCR): During the quarter, PYCR experienced pressure due to disappointing results from similar cloud-based payroll companies and concerns about employment trends. Despite these challenges, PYCR delivered robust quarterly results. The company achieved a 21% growth in revenue, underlining a stable demand environment and its increasing success with larger clients. Looking out, PYCR should benefit from an increasingly productive sales force and a solid pipeline of growth opportunities."
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Paycor HCM, Inc. (NASDAQ:PYCR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Paycor HCM, Inc. (NASDAQ:PYCR) was held by 7 hedge fund portfolios, same as 7 in the previous quarter, according to our database.
We discussed Paycor HCM, Inc. (NASDAQ:PYCR) in another article and shared TimesSquare U.S. Small Cap Growth Strategy's views on the company. 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.
