Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like Five9, Inc. (NASDAQ:FIVN), in the first quarter 2024 investor letter. Five9, Inc. (NASDAQ:FIVN), with a market capitalization of $3.86 billion, provides intelligent cloud software for contact centers. One-month return of Five9, Inc. (NASDAQ:FIVN) was -13.10%, and its shares lost 7.35% of their value over the last 52 weeks. On May 22, 2024, Five9, Inc. (NASDAQ:FIVN) stock closed at $52.24 per share.
Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Five9, Inc. (NASDAQ:FIVN) in its first quarter 2024 investor letter:
“Five9, Inc. (NASDAQ:FIVN): FIVN is a leading cloud contact software provider. FIVN reported a better-than-expected fourth quarter that included a bookings record and sales pipeline at an all-time high. However, net revenue retention has yet to inflect higher and usage within their software in the consumer vertical remains an overhang to growth. Similar to net revenue retention, investors have lost patience waiting for gross margins to rebound after years of investment in their infrastructure. FIVN guided first quarter growth below expectations, but reiterated its full year growth outlook.”
An IT engineer working on a laptop as planograms for a cloud-based virtual contact center platform appear on the monitor.
Five9, Inc.’s (NASDAQ:FIVN) trailing 12 months revenue is $939.06 million with a -6.56% profit margin. Five9, Inc. (NASDAQ:FIVN) reported record revenue of $247 million in the first quarter, growing 13% year-over-year.
Five9, Inc. (NASDAQ:FIVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Five9, Inc. (NASDAQ:FIVN) at the end of the first quarter which was 52 in the previous quarter.
RiverPark Advisors commented about Five9, Inc. (NASDAQ:FIVN) in its Q3 2023 investor letter. In addition, please check out our hedge fund investor letters Q1 2024 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.
