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 Veeva Systems Inc. (NYSE:VEEV), in the first quarter 2024 investor letter. Veeva Systems Inc. (NYSE:VEEV), with a market capitalization of $33.063 billion, offers cloud-based software for the life sciences industry. One-month return of Veeva Systems Inc. (NYSE:VEEV) was 2.76%, and its shares gained 25.62% of their value over the last 52 weeks. On May 23, 2024, Veeva Systems Inc. (NYSE:VEEV) stock closed at $204.58 per share.
Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its first quarter 2024 investor letter:
“Veeva Systems Inc. (NYSE:VEEV): VEEV is a vertical SaaS company for the life sciences industry with a wide range of integrated cloud-based software applications and services. The company delivered quarterly results that were slightly above consensus expectations. In addition, VEEV announced two top 20 biopharma wins. However, management did lower fiscal year 2025 revenue expectations due to the timing of several large deals. We believe this is a short-term issue and does not change our positive long-term view of the business.”
A scientist performing a blood test on a patient using life sciences tools & services.
Veeva Systems Inc.’s (NYSE:VEEV) trailing 12 months revenue is $2.36 billion and its year over year revenue growth rate is 11.90%. Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the first quarter which was 48 in the previous quarter.
In another article, we discussed Veeva Systems Inc. (NYSE:VEEV) and shared the list of biggest software companies in the US. Veeva Systems Inc. (NYSE:VEEV) was on Conestoga Capital Advisors’ bottom contributor list in the prior 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.
