Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Conestoga Small Cap Composite returned 3.69% in the first quarter compared to 7.58% for the Russell 2000 Growth Index. The market continued to rise in the first quarter as many major asset classes delivered positive returns. Lack of holdings in Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR), the largest names in the benchmark, was the major reason for the underperformance of the portfolio relative to the index. In addition, stock selection in the technology sector, especially within the software industry proved challenging. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors Small Cap Strategy highlighted stocks like CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS), in the first quarter 2024 investor letter. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS), with a market capitalization of $7.081 billion, is a software-as-a-service company for the P&C insurance economy. One-month return of CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) was -0.35%, and its shares gained 14.50% of their value over the last 52 weeks. On May 20, 2024, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) stock closed at $11.45 per share.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) in its first quarter 2024 investor letter:
“CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS): CCCS is a cloud-based SaaS platform of digital and data services for the insurance and automotive industries. As a multi-party network connecting insurers, repair shops, and parts suppliers, CCCS is the clear market leader with 80% of all US Auto Claims running on its platform. We believe CCCS will be a resilient holding with consistent, recurring revenue and high margins.”
A data analyst with a headset, looking intently at the information unfolding on her screen.
CCC Intelligent Solutions’ (NASDAQ:CCCS) trailing 12 months revenue is $888.7 million and year over year quarterly revenue growth rate is 10.90%. CCC Intelligent Solutions’ (NASDAQ:CCCS) total revenue in the first quarter was $227 million, year-over-year increase of 11% and exceeded guidance range according to the most recent earnings call.
CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) at the end of the fourth quarter which was 16 in the previous quarter.
In another article, we discussed CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) and shared the list of stocks insiders are selling in 2024. Artisan Small Cap Fund also added CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) to its portfolio in the previous quarter. 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.
