Multiple Headwinds Dragged Azenta (AZTA) Stock in Q3

Conestoga Capital Advisors, an asset management company, released its “Small Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. The fund declined 4.56% net of fees in the third quarter, compared to a 0.24% return for Russell 2000 Growth Index. Stock selection and negative sector allocation impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Conestoga Capital Advisors highlighted stocks like Azenta, Inc. (NASDAQ:AZTA) in its Q3 2022 investor letter. Headquartered in Chelmsford, Massachusetts, Azenta, Inc. (NASDAQ:AZTA) provides life science products and services. On December 15, 2022, Azenta, Inc. (NASDAQ:AZTA) stock closed at $60.34 per share. One-month return of Azenta, Inc. (NASDAQ:AZTA) was 1.29%, and its shares lost 35.10% of their value over the last 52 weeks. Azenta, Inc. (NASDAQ:AZTA) has a market capitalization of $4.527 billion.

Conestoga Capital Advisors made the following comment about Azenta, Inc. (NASDAQ:AZTA) in its Q3 2022 investor letter:

Azenta, Inc. (NASDAQ:AZTA): AZTA provides sample management services and solutions for the life sciences market. AZTA’s 3Q22 results were impacted by a confluence of events including foreign currency headwinds, lockdowns in China, and the roll-off of COVID revenues, which led to AZTA missing expectations for the quarter. AZTA continued to work toward expanding capacity across its product lines. During the quarter, the company opened its new Genomics Services facility in Suzhou, China. We remain positive on AZTA’s long-term prospects for growth over the next several years.”

Azenta, Inc. (NASDAQ:AZTA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Azenta, Inc. (NASDAQ:AZTA) at the end of the third quarter, which was 23 in the previous quarter.

We discussed Azenta, Inc. (NASDAQ:AZTA) in another article and shared the top automation companies in the U.S. In addition, please check out our hedge fund investor letters Q3 2022 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.