Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga Smid Cap Growth Composite returned -6.36% net of fees in the third quarter, compared to the Russell 2500 Growth Index’s -6.84% return. Stock selection in the Industrials, Health Care, and Basic Materials sectors was positive but offset by a lack of exposure to the Energy sector and negative selection in Technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga SMid Cap Composite highlighted stocks like Guidewire Software, Inc. (NYSE:GWRE) in the third quarter 2023 investor letter. Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software product-providing company for P&C insurers. On November 14, 2023, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $96.64 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was 7.09%, and its shares gained 59.37% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $7.918 billion.
Conestoga SMid Cap Composite made the following comment about Guidewire Software, Inc. (NYSE:GWRE) in its Q3 2023 investor letter:
“Guidewire Software, Inc. (NYSE:GWRE): GWRE is a best-in-class provider of core software solutions for property and casualty insurers. The company’s multi-year migration from license to cloud software deployment has been a headwind to fundamentals, but the last two quarters have also been an indication of a positive inflection. The stock reacted strongly to its quarterly earnings report, with most key business metrics exceeding estimates including cloud annual recuring revenue growing 28% year over year.”
A customer in an office space purchasing auto insurance online from the company’s marketplace.
Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Guidewire Software, Inc. (NYSE:GWRE) at the end of second quarter which was 40 in the previous quarter.
We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Baron Asset 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.
