Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite declined 8.01% net of fees in the third quarter, trailing the Russell Midcap Growth Index’s -5.22% return. A combination of negative stock selection and sector allocation effects resulted in the underperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Composite highlighted stocks like Veeva Systems Inc. (NYSE:VEEV) in the third quarter 2023 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On November 15, 2023, Veeva Systems Inc. (NYSE:VEEV) stock closed at $176.78 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -12.56%, and its shares lost 3.80% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $28.401 billion.
Conestoga Mid Cap Composite made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q3 2023 investor letter:
“Veeva Systems Inc. (NYSE:VEEV): VEEV is a vertical software-as-a-service (SaaS) company for the life sciences industry with a wide range of integrated cloud-based software applications and services. VEEV’s second quarter revenue and margin results topped estimates and the company brought free cash flow margins back north of 40% for the first time in six quarters. The $8 million top-line outperformance was attributable to continued momentum across both the commercial and R&D solution segments. Billings growth came in ahead of expectations at +15%, and management reiterated full-year billings guidance.”
A scientist working with a microscope in a laboratory, using the companys life science platform.
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of second quarter which was 38 in the previous quarter.
We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of low-risk high reward stocks set to triple by 2027. 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.
