ANSYS (ANSS) Rose on Growth Guidance

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Mid Cap Strategy highlighted stocks like ANSYS, Inc. (NASDAQ:ANSS) in the first quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, ANSYS, Inc. (NASDAQ:ANSS) is an engineering simulation software developer. On May 26, 2023, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $319.40 per share. One-month return of ANSYS, Inc. (NASDAQ:ANSS) was 1.75%, and its shares gained 20.70% of their value over the last 52 weeks. ANSYS, Inc. (NASDAQ:ANSS) has a market capitalization of $27.68 billion.

Conestoga Mid Cap Strategy made the following comment about ANSYS, Inc. (NASDAQ:ANSS) in its Q1 2023 investor letter:

ANSYS, Inc. (NASDAQ:ANSS): ANSS is the gold standard in selling computer-aided engineering software that allows engineers to simulate how product designs will behave in real world environments before they are manufactured. While many enterprise software companies reportied a slowdown in growth exiting 2022, ANSS beat estimates and introduced 2023 growth guidance well above consensus.”

Engineering, Construction, Company

Photo by ThisisEngineering RAEng on Unsplash

ANSYS, Inc. (NASDAQ:ANSS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held ANSYS, Inc. (NASDAQ:ANSS) at the end of the first quarter 2023 which was 37 in the previous quarter.

We discussed ANSYS, Inc. (NASDAQ:ANSS) in another article and shared the list of best artificial intelligence stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.