Meridian Funds, managed by ArrowMark Partners, released its “Meridian Small Cap Growth Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -3.22% net compared to 0.24% return for the Russell 2000 Growth Index. Fears of recession and inflation affected the US stock market in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Meridian Funds highlighted stocks like Momentive Global Inc. (NASDAQ:MNTV) in the Q3 2022 investor letter. Headquartered in San Mateo, California, Momentive Global Inc. (NASDAQ:MNTV) is a software company. On December 7, 2022, Momentive Global Inc. (NASDAQ:MNTV) stock closed at $7.13 per share. One-month return of Momentive Global Inc. (NASDAQ:MNTV) was -12.52% and its shares lost 66.79% of their value over the last 52 weeks. Momentive Global Inc. (NASDAQ:MNTV) has a market capitalization of $1.06 billion.
Meridian Funds made the following comment about Momentive Global Inc. (NASDAQ:MNTV) in its Q3 2022 investor letter:
“Momentive Global Inc. (NASDAQ:MNTV) develops survey software that enables organizations to collect and analyze feedback and insights. Its most recognized brand is the online survey tool SurveyMonkey. Momentive offers customers a free, self-service service software solution and then applies an upsell strategy to convert customers to a more robust, paid version of the product. By investing profits from this self-service business into its enterprise-grade product, Momentive has been able to build an enterprise business that now makes up 37% of total revenues. The stock traded lower during the quarter amid signs of slowing revenue growth. Although the company’s second-quarter financial results showed a 10% year-overyear increase in total revenue, this was slightly below analysts’ consensus estimates. Management remains focused on managing costs and reducing operating expenses, giving us confidence that operating margins in the second half of the year will continue to improve. Adding to our optimism is the company’s commitment to increasing shareholder value through stock buybacks, as demonstrated by its continued execution of a $200 million stock repurchase program launched earlier this year. We’re also excited about Momentive’s enterprise business segment, which grew 30% in the second quarter. We increased our position in the stock during the period based on weakness in the share price.”
Momentive Global Inc. (NASDAQ:MNTV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Momentive Global Inc. (NASDAQ:MNTV) at the end of the third quarter, which was 41 in the previous quarter.
We discussed Momentive Global Inc. (NASDAQ:MNTV) in another article and shared the best growth stocks to buy according to Marc Majzner’s Clearline Capital. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.