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NICE Ltd. (NICE) Stock Declined Amid Worries About Slowing Cloud Revenue Growth

Soumya Eswaran
·2-min read

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy outperformed the Russell Midcap Growth Index and returned -4.11% (net) while the index return was -5.22%. The third quarter saw a decline in global equities markets, although they have held up positive year-to-date. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like NICE Ltd. (NASDAQ:NICE) in the Q3 2023 investor letter. Headquartered in Ra’anana, Israel, NICE Ltd. (NASDAQ:NICE) is a cloud platform provider. On December 15, 2023, NICE Ltd. (NASDAQ:NICE) stock closed at $199.20 per share. One-month return of NICE Ltd. (NASDAQ:NICE) was 2.08%, and its shares gained 0.50% of their value over the last 52 weeks. NICE Ltd. (NASDAQ:NICE) has a market capitalization of $12.615 billion.

TimesSquare Capital U.S. Mid Cap Growth Strategy made the following comment about NICE Ltd. (NASDAQ:NICE) in its Q3 2023 investor letter:

"Across the Information Technology universe, we seek companies possessing differentiated capabilities, products, and services. NICE Ltd. (NASDAQ:NICE) provides enterprise software solutions and services. Its second quarter results were roughly in line with expectations, however, cloud revenues decelerated. NICE continued to demonstrate success moving upmarket with its artificial intelligence offerings. Management raised forward guidance for revenues and earnings. The stock sold off by -18% on concerns about the company’s cloud revenue growth trajectory."

A data scientist sitting in front of a monitor to review the performance of AI-driven digital business solutions.

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NICE Ltd. (NASDAQ:NICE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held NICE Ltd. (NASDAQ:NICE) at the end of third quarter which was 26 in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.