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Endava plc (DAVA) Fell on Reduced Guidance

Soumya Eswaran
·2 min read

Baron Funds, an investment management company, released its “Baron Discovery Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund (Institutional Shares) returned 4.57% underperforming the 7.58% return for the Russell 2000 Growth Index. The firm is optimistic about the Fund’s prospects for 2024. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Discovery Fund featured stocks like Endava plc (NYSE:DAVA) in the first quarter 2024 investor letter. Headquartered in London, the United Kingdom, Endava plc (NYSE:DAVA) is a technology services provider for clients in the consumer products, healthcare, mobility, and retail verticals.  On May 14, 2024, Endava plc (NYSE:DAVA) stock closed at $29.98 per share. One-month return of Endava plc (NYSE:DAVA) was -0.37%, and its shares lost 39.76% of their value over the last 52 weeks. Endava plc (NYSE:DAVA) has a market capitalization of $1.759 billion.

Baron Discovery Fund stated the following regarding Endava plc (NYSE:DAVA) in its first quarter 2024 investor letter:

"Shares of IT services provider Endava plc (NYSE:DAVA) plc fell after management cut guidance for the fiscal year ending June 30, 2024. Growth has slowed over the last year as business customers pulled back on discretionary IT spending due to macroeconomic uncertainty. Last fall, management was seeing early signs of a recovery, but new projects have been taking longer to materialize as customers delay spending decisions. Higher expenses due to increased staffing to meet anticipated demand weighed on margins as well. Management acknowledged that it misread the market and is taking steps to right-size the cost structure to improve margins. We remain invested because we expect these near-term headwinds to abate over time, leading to better growth as clients embrace digital transformation."

A tech expert in a suit presenting a new IT strategy in front of a corporate audience.

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Endava plc (NYSE:DAVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Endava plc (NYSE:DAVA) at the end of the fourth quarter which was 11 in the previous quarter.

In another article, we discussed Endava plc (NYSE:DAVA) and shared The London Company SMID Cap Strategy's views on the company. Endava plc (NYSE:DAVA) was the biggest detractor of White Falcon Capital Management in Q1 2024. The stock fell 40% in the quarter. In addition, please check out our hedge fund investor letters Q1 2024 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.