Vertex (VERX) Rose on Strong Execution

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Composite highlighted stocks like Vertex, Inc. (NASDAQ:VERX) in the third quarter 2023 investor letter. Headquartered in King of Prussia, Pennsylvania, Vertex, Inc. (NASDAQ:VERX) is a tax technology solutions provider. On November 14, 2023, Vertex, Inc. (NASDAQ:VERX) stock closed at $27.70 per share. One-month return of Vertex, Inc. (NASDAQ:VERX) was 14.37%, and its shares gained 60.86% of their value over the last 52 weeks. Vertex, Inc. (NASDAQ:VERX) has a market capitalization of $4.238 billion.

Conestoga Small Cap Composite made the following comment about Vertex, Inc. (NASDAQ:VERX) in its Q3 2023 investor letter:

“Vertex, Inc. (NASDAQ:VERX): VERX sells software and solutions that help businesses calculate various types of taxes. In its June quarter, VERX’s results continued to demonstrate strong execution as it realized benefits from investments in products and marketing over the past few years. VERX again raised it FY2023 revenue guidance which continued to drive the stock higher (VERX’s stock is up over 50% year to date).”

A finance executive overseeing the implementation of a tax solution.

Vertex, Inc. (NASDAQ:VERX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Vertex, Inc. (NASDAQ:VERX) at the end of second quarter which was 15 in the previous quarter.

We discussed Vertex, Inc. (NASDAQ:VERX) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company. 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.