Is ANSYS (ANSS) an Attractive Stock?

NZS Capital, LLC, an investment management company, released its “NZS Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The flagship strategy was up 16% (net) compared to 11% for the Morningstar Global Target Market Exposure (NR) index. An increasing consensus on rate cuts in 2024 created a positive backdrop for growth equities. The Magnificent Seven, who had outperformed the market for three quarters, fared similarly in the fourth quarter, benefiting active managers who avoided chasing momentum bets. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

NZS Capital featured stocks such as ANSYS, Inc. (NASDAQ:ANSS) in the fourth quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, ANSYS, Inc. (NASDAQ:ANSS) is an engineering simulation software developer. On February 9, 2024, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $342.28 per share. One-month return of ANSYS, Inc. (NASDAQ:ANSS) was -1.21%, and its shares gained 25.49% of their value over the last 52 weeks. ANSYS, Inc. (NASDAQ:ANSS) has a market capitalization of $30.015 billion.

NZS Capital stated the following regarding ANSYS, Inc. (NASDAQ:ANSS) in its fourth quarter 2023 investor letter:

“IT remains an important area, however, and we made some adjustments. We sold Autodesk to divert capital to other, more attractive software companies, such as ANSYS, Inc. (NASDAQ:ANSS). The firm’s simulation software drives product innovation and reduces time to market with virtual modeling rather than slower and more cumbersome prototyping. Our portfolio reflects an interest in innovation beyond the mega platforms.”

An engineer with a diagram of a systems analysis, illustrating the complexity of its product suite.

ANSYS, Inc. (NASDAQ:ANSS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held ANSYS, Inc. (NASDAQ:ANSS) at the end of third quarter which was 30 in the previous quarter.

We discussed ANSYS, Inc. (NASDAQ:ANSS) in another article and shared the list of best artificial intelligence stocks to buy according to analysts. 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.