Investor Concerns Impacted Jack Henry & Associates (JKHY) in Q1

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 Jack Henry & Associates, Inc. (NASDAQ:JKHY) in the first quarter 2023 investor letter. Based in Monett, Missouri, Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a financial technology company. On May 26, 2023, Jack Henry & Associates, Inc. (NASDAQ:JKHY) stock closed at $148.56 per share. One-month return of Jack Henry & Associates, Inc. (NASDAQ:JKHY) was -9.05%, and its shares lost 21.02% of their value over the last 52 weeks. Jack Henry & Associates, Inc. (NASDAQ:JKHY) has a market capitalization of $10.826 billion.

Conestoga Mid Cap Strategy made the following comment about Jack Henry & Associates, Inc. (NASDAQ:JKHY) in its Q1 2023 investor letter:

“Jack Henry & Associates, Inc. (NASDAQ:JKHY): JKHY provides core processing and other complementary software solutions to small and medium-sized banks and credit unions. The stock reacted unfavorably to its quarter after lowering its full year revenue guidance to reflect slowing consumer spending. The sell off persisted during the quarter on concerns that financial technology companies would be negatively impacted by the collapse of Silicon Valley Bank and others.”

Jack Henry & Associates, Inc. (NASDAQ:JKHY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Jack Henry & Associates, Inc. (NASDAQ:JKHY) at the end of first quarter 2023 which was 27 in the previous quarter.

We discussed Jack Henry & Associates, Inc. (NASDAQ:JKHY) in another article and shared the list of best consistent dividend stocks to buy. 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.