Published on 22 Feb 2024 on Insider Monkey via Yahoo Finance

Conestoga Mid Cap Composite Exited Cognex Corp. (CGNX)

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 Cognex Corporation (NASDAQ:CGNX) in the Q4 2023 investor letter. Headquartered in Natick, Massachusetts, Cognex Corporation (NASDAQ:CGNX) provides machine vision products. On February 21, 2024, Cognex Corporation (NASDAQ:CGNX) stock closed at $39.60 per share. One-month return of Cognex Corporation (NASDAQ:CGNX) was 4.68%, and its shares lost 15.46% of their value over the last 52 weeks. Cognex Corporation (NASDAQ:CGNX) has a market capitalization of $6.797 billion.

Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Cognex Corporation (NASDAQ:CGNX) in its fourth quarter 2023 investor letter: