Published on 22 Oct 2024 on Insider Monkey · via Yahoo Finance
Softer Demand from Airline Customers Hurt PROS Holdings (PRO) in Q3
Conestoga Capital Advisors, an asset management company, released its third-quarter 2024 investor letter. A copy of the letter can be downloaded here. At its September meeting, the Federal Reserve lowered the Federal Funds rate by 50 basis points due to weaker employment growth and moderate inflation. Equity markets welcomed the news, raising optimism for a soft landing in the U.S. economy. On September 26th, the S&P 500 Index achieved a record high, the Russell 2000 Index also moved higher over the quarter but remains roughly 10% below its all-time high. The Conestoga Small Cap Composite surged 10.09% (net) in the third quarter outperforming the Russell 2000 Growth Index’s 8.41% return. The Conestoga SMid Cap Composite returned 12.94% (net) versus the Russell 2500 Growth Index’s 6.99% return. The Conestoga Micro Cap Composite advanced 7.60% (net) but trailed the Russell Microcap Growth Index’s return of 8.57%. Finally, the Conestoga Mid Cap Composite returned 8.36% (net) outperforming the Russell Midcap Growth Index’s 6.54%. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors highlighted stocks like PROS Holdings, Inc. (NYSE:PRO) in the third quarter 2024 investor letter. PROS Holdings, Inc. (NYSE:PRO) offers software solutions that optimize the processes of selling and shopping in the digital economy. The one-month return of PROS Holdings, Inc. (NYSE:PRO) was 0.16%, and its shares lost 44.29% of their value over the last 52 weeks. On October 21, 2024, PROS Holdings, Inc. (NYSE:PRO) stock closed at $18.64 per share with a market capitalization of $879.925 million.