TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” second-quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the strategy outperformed the Russell Midcap Growth Index and returned 7.16% (gross) while the index return was 6.23%. Consumer Discretionary, Financials, and Consumer Staples sector showed relative weakness. However, the strength in Industrials, Information Technology, and Health Care sectors offset the setbacks. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Palo Alto Networks, Inc. (NASDAQ:PANW) in the second quarter 2023 investor letter. Headquartered in Santa Clara, California, Palo Alto Networks, Inc. (NASDAQ:PANW) is a global cybersecurity solutions provider. On October 2, 2023, Palo Alto Networks, Inc. (NASDAQ:PANW) stock closed at $236.77 per share. One-month return of Palo Alto Networks, Inc. (NASDAQ:PANW) was -3.39%, and its shares gained 36.20% of their value over the last 52 weeks. Palo Alto Networks, Inc. (NASDAQ:PANW) has a market capitalization of $73.066 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q2 2023 investor letter:
“Another area of strength was the Information Technology sector. At the lead was a 28% gain from Palo Alto Networks, Inc. (NASDAQ:PANW). A global provider of network and cloud-based cybersecurity systems, Palo Alto’s revenues and earnings were higher than anticipated, which led management to increase its guidance for the balance of the fiscal year. Palo Alto’s billings rates grew faster than expected—especially for its Next-Gen Security platform—while at the same time the company’s margins strengthened. As its shares climbed, we trimmed our position.”
Photo by Jefferson Santos on Unsplash
Palo Alto Networks, Inc. (NASDAQ:PANW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 83 hedge fund portfolios held Palo Alto Networks, Inc. (NASDAQ:PANW) at the end of second quarter which was 87 in the previous quarter.
We discussed Palo Alto Networks, Inc. (NASDAQ:PANW) in another article and shared the list of best cybersecurity stocks hedge funds are buying. In addition, please check out our hedge fund investor letters Q2 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.
