TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” first-quarter investor letter. A copy of the letter can be downloaded here. The first quarter’s performance for US small to mid-cap stocks was barbelled. In the first quarter, the strategy returned 10.16% (gross) and 9.95% (net) while the Russell Midcap Growth Index returned 9.50%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like CyberArk Software Ltd. (NASDAQ:CYBR), in the first quarter 2024 investor letter. Incorporated in 1996, CyberArk Software Ltd. (NASDAQ:CYBR) develops and sells software-based identity security solutions and services. The one-month return of CyberArk Software Ltd. (NASDAQ:CYBR) was 17.95%, and its shares gained 72.97% of their value over the last 52 weeks. On June 27, 2024, CyberArk Software Ltd. (NASDAQ:CYBR) stock closed at $270.40 per share with a market capitalization of $11.667 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its first quarter 2024 investor letter:
“Among the wide variety of Information Technology companies, we prefer critical system providers, specialized component designers, systems that improve productivity or efficiency for their clients, and others that are closely tied to increasing shares of corporate IT budgets. Returning to the positives, CyberArk Software Ltd.’s (NASDAQ:CYBR) shares rose 21%. A global leader in Privileged Access Management (PAM)—protecting access to critical enterprise applications and data on internal networks—CyberArk announced revenues and earnings far better than forecasted. The company benefited from its expanding platform with steady subscription renewals and new product sales to existing clients.”
A data center with a repetetive design of computer servers, showing the companies’ efficient and secure IT infrastructure.
CyberArk Software Ltd. (NASDAQ:CYBR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held CyberArk Software Ltd. (NASDAQ:CYBR) at the end of the first quarter which was 50 in the previous quarter. While we acknowledge the potential of CyberArk Software Ltd. (NASDAQ:CYBR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
We discussed CyberArk Software Ltd. (NASDAQ:CYBR) in another article and shared Wasatch Micro Cap Growth—U.S. Strategy’s views on the company. Baron Discovery Fund expressed optimism about CyberArk Software Ltd.’s (NASDAQ:CYBR) long-term growth prospects in its Q1 2024 investor letter. 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.
