Do you Think Endava (DAVA) will Benefit From an Improved Demand Environment?
Next Century Growth Investors, LLC, an investment Management Company, released its “SMID Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. October had negative returns from the equity markets in the fourth quarter of 2023, but November and December saw a robust market rally that produced positive returns for the quarter. The strategy returned 4.84% (net of fees) compared to 12.59% for the Russell 2500™ Growth Index. Over the trailing year, the strategy returned 15.46% compared to 18.93% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
NCG SMID Cap Growth Strategy featured stocks like Endava plc (NYSE:DAVA) in the fourth quarter 2023 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider. On March 19, 2024, Endava plc (NYSE:DAVA) stock closed at $38.92 per share. One-month return of Endava plc (NYSE:DAVA) was -40.72%, and its shares lost 38.90% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $2.248 billion.
NCG SMID Cap Growth Strategy stated the following regarding Endava plc (NYSE:DAVA) in its fourth quarter 2023 investor letter:
"Endava plc (NYSE:DAVA) is an IT services provider with expertise in such areas as payments, TMT, banking & capital markets, mobility, and insurance. DAVA enables their customers to implement their digital transformation initiatives, which are technology projects designed to both improve cost structures and drive revenue growth. DAVA is a company we owned in the past but sold due to the company (and industry) experiencing a slowdown in demand during 2022 and early 2023 after a period of outsized growth following the pandemic. We believe the demand environment has stabilized and could improve in the future, and DAVA should be a beneficiary."
A tech expert in a suit presenting a new IT strategy in front of a corporate audience.
Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Endava plc (NYSE:DAVA) was held by 10 hedge fund portfolios, down from 11 in the previous quarter, according to our database.
We discussed Endava plc (NYSE:DAVA) in another article and shared Baron Global Advantage Fund'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.
