TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Palo Alto Networks, Inc. (NASDAQ:PANW) in the third quarter 2023 investor letter. Palo Alto Networks, Inc. (NASDAQ:PANW) is a global cybersecurity solutions provider headquartered in Santa Clara, California. On December 18, 2023, Palo Alto Networks, Inc. (NASDAQ:PANW) stock closed at $307.58 per share. One-month return of Palo Alto Networks, Inc. (NASDAQ:PANW) was 16.49%, and its shares gained 106.04% of their value over the last 52 weeks. Palo Alto Networks, Inc. (NASDAQ:PANW) has a market capitalization of $96.98 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about Palo Alto Networks, Inc. (NASDAQ:PANW) in its Q3 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Palo Alto Networks, Inc. (NASDAQ:PANW) supplies network and cloud-based security solutions to enterprises, service providers, and government entities. The latest quarter was mixed with the company falling shy versus the Street on billings, in line for revenues, and outpacing earnings. Palo Alto’s updated guidance was materially ahead of lowered Street expectations. Nevertheless, its shares pulled back by -8%.”
A close-up of a computer monitor showing a complex web of cloud-based technology.
Palo Alto Networks, Inc. (NASDAQ:PANW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 79 hedge fund portfolios held Palo Alto Networks, Inc. (NASDAQ:PANW) at the end of third quarter which was 83 in the previous quarter.
We discussed Palo Alto Networks, Inc. (NASDAQ:PANW) in another article and shared the list of stocks that Israel Englander has PUT positions on. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 13 Most Promising Energy Stocks According to Analysts
- 20 Countries With The Cheapest Cost Of Living For US Citizens
- 13 Best Low-Priced Dividend Stocks To Invest In
Disclosure: None. This article is originally published at Insider Monkey.
