TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was -14.55%. 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 featured stocks like CyberArk Software Ltd. (NASDAQ:CYBR) in the Q4 2023 investor letter. Headquartered in Petah Tikva, Israel, CyberArk Software Ltd. (NASDAQ:CYBR) is a software-based security solutions provider. On March 28, 2024, CyberArk Software Ltd. (NASDAQ:CYBR) stock closed at $265.63 per share. One-month return of CyberArk Software Ltd. (NASDAQ:CYBR) was 0.71%, and its shares gained 86.81% of their value over the last 52 weeks. CyberArk Software Ltd. (NASDAQ:CYBR) has a market capitalization of $11.239 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its fourth quarter 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. CyberArk Software Ltd. (NASDAQ:CYBR) develops and markets software-based security solutions and services. Another beat and raise quarter led to a 34% jump in their shares. Of note, subscription revenues grew nicely. Another incremental driver was privileged access management, where CyberArk has a dominant share. Of note, MGM installed CyberArk’s system as a corrective measure after their high-profile breach.”
A data center with a repetetive design of computer servers, showing the companies’ efficient and secure IT infrastructure.
CyberArk Software Ltd. (NASDAQ:CYBR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CyberArk Software Ltd. (NASDAQ:CYBR) was held by 50 hedge fund portfolios, compared to 32 in the previous quarter, according to our database.
We discussed CyberArk Software Ltd. (NASDAQ:CYBR) in another article and shared the list of best cybersecurity 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.
