ANSYS (ANSS) Increased Sharply on Acquisition Talks
Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 11.00% net of fees in the fourth quarter, compared to a 14.55% return for the Russell Midcap Growth Index. Negative impacts from stock selection were outweighed by positive sector allocation effects. The Mid Cap Composite climbed 22.83% for the year vs. the benchmark’s rise of 25.87%. Four sectors accounted for the majority of the relative performance; the largest laggards were the industrial and technology sectors, while health care and energy were additive to returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Mid Cap Strategy featured stocks such as ANSYS, Inc. (NASDAQ:ANSS) in the fourth quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, ANSYS, Inc. (NASDAQ:ANSS) is an engineering simulation software developer. On February 21, 2024, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $328.63 per share. One-month return of ANSYS, Inc. (NASDAQ:ANSS) was -3.18%, and its shares gained 11.49% of their value over the last 52 weeks. ANSYS, Inc. (NASDAQ:ANSS) has a market capitalization of $28.564 billion.
Conestoga Capital Advisors Mid Cap Strategy stated the following regarding ANSYS, Inc. (NASDAQ:ANSS) in its fourth quarter 2023 investor letter:
"ANSYS, Inc. (NASDAQ:ANSS): ANSS is the gold standard in selling computer-aided engineering (CAE) software that allows engineers to simulate how product designs will behave in real world environments before they are manufactured. Shares rose sharply at the end of the year on rumors that it was in talks to be acquired by Synopsys (SNPS), a leader in electronic design automation (EDA) software."
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ANSYS, Inc. (NASDAQ:ANSS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ANSYS, Inc. (NASDAQ:ANSS) was held by 44 hedge fund portfolios, up from 32in the previous quarter, according to our database.
We discussed ANSYS, Inc. (NASDAQ:ANSS) in another article and shared NZS Capital's views on the company. In addition, please check out our hedge fund investor letters Q4 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.
