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 Palo Alto Networks, Inc. (NASDAQ:PANW) in the fourth quarter 2023 investor letter. Palo Alto Networks, Inc. (NASDAQ:PANW) is a global cybersecurity solutions provider headquartered in Santa Clara, California. On March 28, 2024, Palo Alto Networks, Inc. (NASDAQ:PANW) stock closed at $284.13 per share. One-month return of Palo Alto Networks, Inc. (NASDAQ:PANW) was -8.51%, and its shares gained 46.78% of their value over the last 52 weeks. Palo Alto Networks, Inc. (NASDAQ:PANW) has a market capitalization of $91.802 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Palo Alto Networks, Inc. (NASDAQ:PANW) in its fourth quarter 2023 investor letter:
“Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. Palo Alto Networks, Inc. (NASDAQ:PANW), a supplier of network and cloud-based security solutions, advanced 26%. The fiscal first quarter results included upside to estimates for Net Generation Security, annualized recurring revenues, operating margins, free cash flow, and earnings. However, they fell short on billings and management further reduced billings guidance. Management stressed they are not seeing any change in the demand environment and that pipeline visibility remains high. Higher interest rates may well mean that customers are less willing to sign multi-year contracts. We trimmed the position on this strength.”
Security personnel at their consoles, monitoring a global network of threats in real-time.
Palo Alto Networks, Inc. (NASDAQ:PANW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Palo Alto Networks, Inc. (NASDAQ:PANW) was held by 77 hedge fund portfolios, compared to 79 in the previous quarter, according to our database.
We discussed Palo Alto Networks, Inc. (NASDAQ:PANW) 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.
