Multiple Tailwinds Pushed PROS Holdings (PRO) in Q3

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Composite highlighted stocks like PROS Holdings, Inc. (NYSE:PRO) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, PROS Holdings, Inc. (NYSE:PRO) provides solutions to optimize the processes of selling and shopping in the digital economy. On November 14, 2023, PROS Holdings, Inc. (NYSE:PRO) stock closed at $35.50 per share. One-month return of PROS Holdings, Inc. (NYSE:PRO) was 5.94%, and its shares gained 40.82% of their value over the last 52 weeks. PROS Holdings, Inc. (NYSE:PRO) has a market capitalization of $1.642 billion.

Conestoga Small Cap Composite made the following comment about PROS Holdings, Inc. (NYSE:PRO) in its Q3 2023 investor letter:

“PROS Holdings, Inc. (NYSE:PRO): PRO markets and sells price optimization software and solutions that leverage their extensive knowledge of Artificial Intelligence. PRO’s stock had a strong rally in the quarter after a very successful user conference as well as strong 2Q23 results. At its user conference, PRO outlined its 3-year targets for revenue growth and free cash flow margins, both of which were well received by investors.”

A software engineer working on web development for an e-commerce enablement project.

PROS Holdings, Inc. (NYSE:PRO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held PROS Holdings, Inc. (NYSE:PRO) at the end of second quarter which was 17 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.