Altair Engineering (ALTR) Benefitted From Investor Enthusiasm

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Composite highlighted stocks like Altair Engineering Inc. (NASDAQ:ALTR) in the third quarter 2023 investor letter. Altair Engineering Inc. (NASDAQ:ALTR) is a software and cloud solutions provider headquartered in Troy, Michigan. On November 15, 2023, Altair Engineering Inc. (NASDAQ:ALTR) stock closed at $73.96 per share. One-month return of Altair Engineering Inc. (NASDAQ:ALTR) was 18.26%, and its shares gained 55.28% of their value over the last 52 weeks. Altair Engineering Inc. (NASDAQ:ALTR) has a market capitalization of $6.04 billion.

Conestoga Small Cap Composite made the following comment about Altair Engineering Inc. (NASDAQ:ALTR) in its Q3 2023 investor letter:

“Stock selection was weakest in the Technology sector, with Model N Inc. (MODN), Novanta Inc. (NOVT) and Altair Engineering Inc. (NASDAQ:ALTR) each detracting from relative return. ALTR, which benefited from investor enthusiasm for all things related to artificial intelligence earlier this year, saw its stock price cool despite reporting revenues and earnings in line with expectations.”

A woman using a tablet to navigate the cloud-based bill payment technology.

Altair Engineering Inc. (NASDAQ:ALTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Altair Engineering Inc. (NASDAQ:ALTR) at the end of second quarter which was 21 in the previous quarter.

We discussed Altair Engineering Inc. (NASDAQ:ALTR) in another article and shared Polen Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.