Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Discovery Fund featured stocks like CyberArk Software Ltd. (NASDAQ:CYBR) in the first quarter 2024 investor letter. incorporated in 1996, CyberArk Software Ltd. (NASDAQ:CYBR) provides a platform for identity security solutions and services. On May 14, 2024, CyberArk Software Ltd. (NASDAQ:CYBR) stock closed at $238.30 per share. One-month return of CyberArk Software Ltd. (NASDAQ:CYBR) was 0.98%, and its shares gained 67.39% of their value over the last 52 weeks. CyberArk Software Ltd. (NASDAQ:CYBR) has a market capitalization of $10.083 billion.
Baron Discovery Fund stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its first quarter 2024 investor letter:
“Shares of CyberArk Software Ltd. (NASDAQ:CYBR), an identity security platform focused primarily on privileged access management (protecting credentials for high-level technology administrators), rose after the company delivered strong quarterly results. CyberArk grew annual recurring revenue by 36% year-over-year and generated 20% free-cash-flow margins. New customer deal sizes and existing customer expansions at renewal were strong, boosted by high demand for CyberArk’s newer product categories like access management (credential management and multi-factor authentication for all employees) and secrets management (credentials for machine identities). The increasing frequency and severity of cyberattacks, new SEC regulatory requirements for cyberattack disclosures, and greater emphasis from the federal government on privilege controls for its agencies and suppliers are driving healthy demand for CyberArk’s products. Management issued consensus-beating full-year guidance across all metrics. We remain optimistic about CyberArk’s long-term revenue and free-cash-flow growth prospects.”
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 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held CyberArk Software Ltd. (NASDAQ:CYBR) at the end of the fourth quarter which was 32 in the previous quarter.
In another article, we discussed CyberArk Software Ltd. (NASDAQ:CYBR) and shared TimesSquare Capital U.S. Mid Cap Growth Strategy’s views on the company in the previous quarter. CyberArk Software Ltd. (NASDAQ:CYBR) stock rose 34% in the fourth quarter. Baron Discovery Fund added CyberArk Software Ltd. (NASDAQ:CYBR) to its portfolio in the fourth quarter 2022 because of its strong growth potential. 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.
