Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like Lightspeed Commerce Inc. (NYSE:LSPD), in the first quarter 2024 investor letter. Lightspeed Commerce Inc. (NYSE:LSPD), with a market capitalization of $2.238 billion, provides cloud-based software subscriptions and payment solutions. One-month return of Lightspeed Commerce Inc. (NYSE: was 9.68%, and its shares gained 14.72% of their value over the last 52 weeks. On May 23, 2024, Lightspeed Commerce Inc. (NYSE:LSPD) stock closed at $14.50 per share.
Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Lightspeed Commerce Inc. (NYSE:LSPD) in its first quarter 2024 investor letter:
“Lightspeed Commerce Inc. (NYSE:LSPD): LSPD is a leading cloud-based software and payment solutions provider to the retail and hospitality industries. The company reported a negative quarter that saw decelerating growth in gross transaction value (GTV) and a worse-than-expected guide on profitability. Following the post-earnings drawdown, there has been a CEO change, a stock repurchase authorization, and a reduction in force. The enhanced capital discipline more closely aligns with the lowered expected revenue growth rate.”
A customer using a mobile device to purchase goods through an omni-channel experience.
Lightspeed Commerce Inc.’s (NYSE:LSPD) trailing 12 months revenue is $909.27 million. Lightspeed Commerce Inc. (NYSE:LSPD) revenue in the recent quarter was $230.2 million, an increase of 25% year-over-year.
Lightspeed Commerce Inc. (NYSE:LSPD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Lightspeed Commerce Inc. (NYSE:LSPD) at the end of the first quarter which was 16 in the previous quarter.
Conestoga Capital Advisors sold its position in Lightspeed Commerce Inc. (NYSE:LSPD) from the SMid Cap Growth Composite in the first quarter 2023. 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.
