Azenta (AZTA) Declined on Weak Management Guidance

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Strategy highlighted stocks like Azenta, Inc. (NASDAQ:AZTA) in the first quarter 2023 investor letter. Headquartered in Burlington, Massachusetts, Azenta, Inc. (NASDAQ:AZTA) provides life science products and services. On May 24, 2023, Azenta, Inc. (NASDAQ:AZTA) stock closed at $41.70 per share. One-month return of Azenta, Inc. (NASDAQ:AZTA) was 0.24%, and its shares lost 43.09% of their value over the last 52 weeks. Azenta, Inc. (NASDAQ:AZTA) has a market capitalization of $2.717 billion.

Conestoga Small Cap Strategy made the following comment about Azenta, Inc. (NASDAQ:AZTA) in its Q1 2023 investor letter:

“Azenta, Inc. (NASDAQ:AZTA): AZTA provides sample management services and solutions for the life sciences market. AZTA’s fiscal 1Q23 revenue missed while EPS beat consensus. For the quarter ahead, management provided guidance that was below consensus for revenue, adjusted EBITDA, and earnings -per-share. The weaker results and guide are being driven by a slower recovery in China and continued inflationary pressures. While near-term results have been disappointing, we believe the long-term is still very attractive given the company’s growth opportunities in sample management solutions and genomic services.”

Countries With Highest Medical Research Spending

Pixabay/Public Domain

Azenta, Inc. (NASDAQ:AZTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Azenta, Inc. (NASDAQ:AZTA) at the end of the first quarter 2023 which was 26 in the previous quarter.

We discussed Azenta, Inc. (NASDAQ:AZTA) in another article and shared Polen U.S. Small Company Growth Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.