Conestoga Capital Advisors, an asset management company, released its “Micro-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Investors are optimistic about the US economy which is heading for a softer landing, and moderating inflation. In the first quarter, the strategy rose 4.93% net-of-fees but trailed the Russell Micro Cap Growth Index’s return of 6.60%. Stock selection negatively impacted the performance but was partially offset by sector allocation. Stock selection in the Industrials and healthcare sectors detracted while Financials and Telecommunications sectors contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Micro-Cap Strategy highlighted stocks like SoundThinking, Inc. (NASDAQ:SSTI), in the first quarter 2024 investor letter. SoundThinking, Inc. (NASDAQ:SSTI) is a public safety technology company with a market capitalization of $191.135 million. One-month return of SoundThinking, Inc. (NASDAQ:SSTI) was 11.24%, and its shares lost 43.11% of their value over the last 52 weeks. On May 22, 2024, SoundThinking, Inc. (NASDAQ:SSTI) stock closed at $14.94 per share.
Conestoga Capital Advisors Micro-Cap Strategy stated the following regarding SoundThinking, Inc. (NASDAQ:SSTI) in its first quarter 2024 investor letter:
“SoundThinking, Inc. (NASDAQ:SSTI): SSTI is the market leader in gunshot detection technology and also has products in investigation management and digital screening. Continued concern about the potential to lose a large contract in Chicago as well as weak Q4 results caused the stock to underperform during the quarter. We continue to be optimistic about the company’s long-term potential as well as substantial international opportunities.”
An aerial view of a city showing the presence of public safety solutions such as Shot Spotter All in One.
SoundThinking, Inc.’s (NASDAQ:SSTI) trailing 12 months revenue is $97.51 million. As per the recent earnings call, SoundThinking, Inc. (NASDAQ:SSTI) generated $25.4 million in revenue, 23% growth compared to first quarter 2023.
SoundThinking, Inc. (NASDAQ:SSTI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held SoundThinking, Inc. (NASDAQ:SSTI) at the end of the first quarter which was 7 in the previous quarter.
In another article, we discussed SoundThinking, Inc. (NASDAQ:SSTI) and shared Conestoga Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 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.
