Transcat (TRNS) Stock Exceeded Expectations in Q1

Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite rose 2.93% net of fees in the first quarter, compared to the Russell Microcap Growth Index’s 0.76% return. The Strategy posted 10.45% annualized returns since its inception at the end of 2019. Both positive stock selection and sector allocation equally contributed to the relative outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Micro Cap Strategy highlighted stocks like Transcat, Inc. (NASDAQ:TRNS) in the first quarter 2023 investor letter. Headquartered in Rochester, New York, Transcat, Inc. (NASDAQ:TRNS) offers calibration and laboratory instrument services. On May 24, 2023, Transcat, Inc. (NASDAQ:TRNS) stock closed at $89.67 per share. One-month return of Transcat, Inc. (NASDAQ:TRNS) was 18.31%, and its shares gained 41.73% of their value over the last 52 weeks. Transcat, Inc. (NASDAQ:TRNS) has a market capitalization of $685.295 million.

Conestoga Micro Cap Strategy made the following comment about Transcat, Inc. (NASDAQ:TRNS) in its Q1 2023 investor letter:

“Transcat, Inc. (NASDAQ:TRNS): TRNS engages in the provision of calibration and laboratory instrument services. The company reported fiscal 3Q revenue, adjusted EBITDA, and EPS above expectations. The Service segment, which grew 12% organically, once again drove the growth, while the Distribution segment increased 4% year over year. TRNS reiterated its expectation for the year ahead for high single digit organic growth in its Service segment and gross margin improvement from scale and ongoing productivity projects.”

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Transcat, Inc. (NASDAQ:TRNS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 6 hedge fund portfolios held Transcat, Inc. (NASDAQ:TRNS) at the end of the first quarter 2023 which was 7 in the previous quarter.

We discussed Transcat, Inc. (NASDAQ:TRNS) in another article and shared Conestoga Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 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.