SoundThinking (SSTI) Rose on Some Positive News
Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Despite growing by 12.70% net of fees in the fourth quarter, the strategy was unable to match the 15.64% return of the Russell Micro Cap Growth Index. Underperformance was mostly caused by poor stock selection in the Health Care and Industrials. Micro Cap Composite declined -1.02% net-of-fees, trailing the Russell Micro Cap Growth Index’s gain of 9.11% for 2023. Positive effects on sector allocation and stock selection in the technology and basic materials sectors did help the portfolio. The majority of the underperformance was mostly centered in the consumer discretionary, health care, and industrial sectors, where choosing stocks proved to be difficult. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Micro Cap Strategy featured stocks such as SoundThinking, Inc. (NASDAQ:SSTI) in the fourth quarter 2023 investor letter. Headquartered in Fremont, California, SoundThinking, Inc. (NASDAQ:SSTI) is a public safety technology company. On February 16, 2024, SoundThinking, Inc. (NASDAQ:SSTI) stock closed at $18.28 per share. One-month return of SoundThinking, Inc. (NASDAQ:SSTI) was -17.95%, and its shares lost 51.02% of their value over the last 52 weeks. SoundThinking, Inc. (NASDAQ:SSTI) has a market capitalization of $232.533 million.
Conestoga Capital Advisors Micro Cap Strategy stated the following regarding SoundThinking, Inc. (NASDAQ:SSTI) in its fourth quarter 2023 investor letter:
"SoundThinking, Inc. (NASDAQ:SSTI): SSTI is the market leader in gunshot detection technology and has products in investigation management and digital screening. SSTI demonstrated solid 3Q results growing revenue 27% and reiterating its 2023 annual guidance. The company also received some positive news on the important City of Chicago renewal, which lifted the stock."
An aerial view of a city showing the presence of public safety solutions such as Shot Spotter All in One.
SoundThinking, Inc. (NASDAQ:SSTI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SoundThinking, Inc. (NASDAQ:SSTI) was held by 7 hedge fund portfolios, compared to 7 in the previous quarter, according to our database.
We discussed SoundThinking, Inc. (NASDAQ:SSTI) in another article and shared the list best prison and law enforcement stocks to buy. 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.
