Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 11.00% net of fees in the fourth quarter, compared to a 14.55% return for the Russell Midcap Growth Index. Negative impacts from stock selection were outweighed by positive sector allocation effects. The Mid Cap Composite climbed 22.83% for the year vs. the benchmark’s rise of 25.87%. Four sectors accounted for the majority of the relative performance; the largest laggards were the industrial and technology sectors, while health care and energy were additive to returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Mid Cap Strategy featured stocks such as Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter 2023 investor letter. Based in Sunnyvale, California, Fortinet, Inc. (NASDAQ:FTNT) offers cybersecurity and networking solutions. On February 21, 2024, Fortinet, Inc. (NASDAQ:FTNT) stock closed at $65.34 per share. One-month return of Fortinet, Inc. (NASDAQ:FTNT) was -1.16%, and its shares gained 8.52% of their value over the last 52 weeks. Fortinet, Inc. (NASDAQ:FTNT) has a market capitalization of $50.175 billion.
Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Fortinet, Inc. (NASDAQ:FTNT) in its fourth quarter 2023 investor letter:
“Fortinet, Inc. (NASDAQ:FTNT): FTNT is the worldwide market share leader in network security firewalls (by units). During the quarter, shares sold off as reported billings growth missed expectations for the second consecutive quarter, resulting in a further lowering of 2023/2024 guidance. Currently, FTNT continues to face weaker demand following three consecutive years of elevated growth. This is likely a near-term downcycle and management is opportunistically buying back shares at an accelerated pace.”
A close-up of a user authenticating into a secure network using a two-factor authentication process.
Fortinet, Inc. (NASDAQ:FTNT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fortinet, Inc. (NASDAQ:FTNT) was held by 42 hedge fund portfolios, down from 45 in the previous quarter, according to our database.
We discussed Fortinet, Inc. (NASDAQ:FTNT) in another article and shared the list of fastest growing technology companies in the US. 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.
