Conestoga Capital Advisors, LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 24, 2025), Conestoga Capital Advisors, LLC reported 124 stock positions worth $7.5 billion. Its top holding was Descartes Systems Grp (DSGX) at 4.7% of the portfolio, followed by Casella Waste Systems Class A (CWST, 4.5%) and Construction Partners Class A (ROAD, 4.1%). Compared with Q3 2024, it opened 7 new positions, sold out of 4, added to 42 and reduced 55. The biggest buy was a new position in Ncino (NCNO) and the biggest sale Altair Engineering Class A (ALTR, shares −56%).

Most Recent 13F
Q2 2026
Location
WAYNE, PA
CIK
0001163744
Portfolio Value
$7.5B (Q4 2024)
SEC Filing
0001085146-25-000491 ↗ filed Jan 24, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.9B Q1 2024 Q2 2024: $6.7B Q2 2024 Q3 2024: $7.4B Q3 2024 Q4 2024: $7.5B $7.5B Q4 2024 Q1 2025: $6.6B Q1 2025 Q2 2025: $6.8B Q2 2025 Q3 2025: $6.2B Q3 2025 Q4 2025: $5.9B Q4 2025 Q1 2026: $5.0B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 124 stocks · $7.5B
DSGX The Descartes Systems Grp 4.74% 3,150,492 $357.9M Reduce -0.6%
CWST Casella Waste Systems Inc. Class A 4.54% 3,235,127 $342.3M Reduce -0.3%
ROAD Construction Partners Inc. Class A 4.12% 3,514,482 $310.9M Reduce -0.4%
FSV Firstservice Corp. 3.48% 1,448,952 $262.3M Reduce -0.1%
EXPO Exponent Inc. 3.31% 2,802,629 $249.7M Reduce -0.1%
SPSC SPS Commerce Inc. 3.04% 1,248,592 $229.7M Add +0.0%
AAON Aaon Inc. 2.95% 1,890,640 $222.5M Reduce -11.0%
MMSI Merit Medical Systems Inc. 2.94% 2,289,903 $221.5M Add +0.0%
RBC RBC Bearings Inc. 2.93% 739,877 $221.3M Reduce -0.1%
SSD Simpson Manufacturing Co. Inc. 2.82% 1,282,588 $212.7M Reduce -9.8%
NOVT Novanta Inc. 2.73% 1,348,032 $205.9M Reduce -0.2%
CSW CSW Industrials Inc. 2.68% 573,992 $202.5M Reduce -0.5%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 2.57% 1,927,413 $194.0M Reduce -16.5%
BCPC Balchem Corp. 2.54% 1,174,884 $191.5M Reduce -0.1%
CWAN Clearwater Analytics HDS-A 2.46% 6,750,577 $185.8M Reduce -0.4%
STVN Stevanato Group SPA 2.33% 8,082,996 $176.1M Add +5.3%
LMAT Lemaitre Vascular Inc. 2.07% 1,692,834 $156.0M Reduce -14.4%
SITE Siteone Landscape Supply Inc. 2.04% 1,167,454 $153.8M Add +2.7%
CCC CCC Intelligent Solutions Ho 1.91% 12,261,035 $143.8M Add +28.9%
ESE Esco Technologies Inc. 1.84% 1,043,852 $139.1M Reduce -0.4%
RGEN Repligen Corp. 1.81% 947,582 $136.4M Add +0.7%
TREX Trex Company Inc. 1.80% 1,967,748 $135.8M Add +0.9%
PYCR Paycor HCM Inc. 1.71% 6,934,428 $128.8M Add +23.8%
BL Blackline Inc. 1.70% 2,113,882 $128.4M Add +20.2%
WK Workiva Inc. 1.69% 1,165,019 $127.6M Add +13.7%
FSS Federal Signal Corp. 1.69% 1,379,632 $127.5M Reduce -0.7%
ALTR Altair Engineering Inc. Class A 1.61% 1,112,548 $121.4M Reduce -55.9%
VERX Vertex Inc. Class A 1.60% 2,261,595 $120.7M Reduce -0.8%
JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP 1.59% 944,691 $120.1M Add +10.2%
SPXC SPX Technologies Inc. 1.52% 787,795 $114.6M Add +25.6%
VCEL Vericel Corp. 1.51% 2,069,430 $113.6M Reduce -0.3%
DGII Digi International Inc. 1.44% 3,584,141 $108.3M Add +7.0%
NEOG Neogen Corp. 1.37% 8,503,588 $103.2M Reduce -2.3%
MSA Msa Safety Inc. 1.30% 590,718 $97.9M Add +34.2%
TRNS Transcat Inc. 1.27% 904,926 $95.7M Reduce -0.3%
HLIO Helios Technologies Inc. 1.18% 1,986,528 $88.7M Add +15.5%
MRCY Mercury Systems Inc. 1.15% 2,072,817 $87.1M Add +55.9%
AZTA Azenta Inc. 1.05% 1,577,881 $78.9M Add +65.0%
WDFC WD-40 Co. 1.03% 319,371 $77.5M Reduce -0.7%
MLAB Mesa Laboratories Inc. 1.00% 573,037 $75.6M Add +8.3%
HLMN Hillman Solutions Corp. 0.96% 7,422,829 $72.3M Reduce -13.1%
NCNO Ncino Inc. 0.93% 2,092,195 $70.3M New
SLP Simulations Plus Inc. 0.82% 2,226,262 $62.1M Add +15.0%
TYL Tyler Technologies Inc. 0.68% 89,166 $51.4M Add +1.3%
ROL Rollins Inc. 0.63% 1,022,325 $47.4M Add +1.3%
AGYS Agilysys Inc. 0.62% 356,239 $46.9M Add +25.0%
WSO Watsco Inc. 0.61% 97,832 $46.4M Add +1.4%
AXON Axon Enterprise Inc. 0.57% 72,248 $42.9M Reduce -25.1%
POOL Pool Corp. 0.56% 124,698 $42.5M Add +31.7%
HEI.A Heico Corp. Class A 0.55% 222,458 $41.4M Add +1.5%
GWRE Guidewire Software Inc. 0.53% 238,790 $40.3M Add +1.6%
KAI Kadant Inc. 0.51% 111,770 $38.6M New
GGG Graco Inc. 0.48% 431,224 $36.3M Add +1.4%
ULS Ul Solutions Inc. Class A 0.47% 705,935 $35.2M Reduce -0.4%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.43% 187,135 $32.8M Add +1.1%
BFAM Bright Horizons Family Solut 0.43% 294,835 $32.7M Add +24.3%
CXT Crane NXT Co. 0.42% 541,340 $31.5M New
GNRC Generac Holdings Inc. 0.32% 158,072 $24.5M Add +1.6%
TECH Bio-Techne Corp. 0.30% 319,122 $23.0M Add +1.6%
WST West Pharmaceutical Services 0.29% 67,187 $22.0M Add +59.7%
FICO Fair Isaac Corp. 0.28% 10,706 $21.3M Reduce -25.0%
LCII Lci Industries 0.23% 165,716 $17.1M Add +1.7%
PCOR Procore Technologies Inc. 0.21% 207,452 $15.5M New
IT Gartner Inc. 0.20% 31,626 $15.3M Add +1.5%
EVI Evi Industries Inc. 0.17% 788,616 $12.9M Add +1.7%
OLO Olo Inc. Class A 0.03% 309,270 $2.4M Reduce -0.3%
PLMR Palomar Holdings Inc. 0.03% 20,720 $2.2M Reduce -16.5%
UTI Universal Technical Institut 0.03% 85,010 $2.2M Reduce -0.1%
TKNO Alpha Teknova Inc. 0.03% 244,344 $2.0M Reduce -19.9%
TCYSF Tecsys Inc. 0.03% 63,720 $2.0M Reduce -0.3%
PL Planet Labs PBC 0.03% 494,100 $2.0M Reduce -0.3%
PHR Phreesia Inc. 0.03% 77,545 $2.0M Reduce -0.7%
BLFS Biolife Solutions Inc. 0.02% 65,017 $1.7M Reduce -0.3%
WLDN Willdan Group Inc. 0.02% 44,093 $1.7M Reduce -0.3%
IIIV I3 Verticals Inc. Class A 0.02% 69,772 $1.6M Reduce -0.3%
MAMA Mama's Creations Inc. 0.02% 193,550 $1.5M Add +17.2%
IRMD Iradimed Corp. 0.02% 27,455 $1.5M Reduce -0.4%
VRSK Verisk Analytics Inc. 0.02% 5,375 $1.5M Add +0.2%
USPH U.S. Physical Therapy Inc. 0.02% 14,965 $1.3M Reduce -0.4%
ERII Energy Recovery Inc. 0.02% 89,525 $1.3M Reduce -0.2%
COCO The Vita Coco Co. Inc. 0.02% 35,560 $1.3M Reduce -0.3%
KIDS Orthopediatrics Corp. 0.02% 53,793 $1.2M Reduce -0.1%
NVEE NV5 Global Inc. 0.02% 62,752 $1.2M Reduce -0.3%
BWMN Bowman Consulting Group Ltd. 0.02% 46,870 $1.2M Reduce -0.2%
MSFT Microsoft Corp. 0.01% 2,662 $1.1M No change
CSGP Costar Group Inc. 0.01% 15,185 $1.1M No change
CPRT Copart Inc. 0.01% 18,891 $1.1M Reduce -22.3%
THBRF Thunderbird Entertainment GR 0.01% 842,105 $1.1M Add +36.5%
WCN Waste Connections Inc. 0.01% 6,304 $1.1M Add +6.3%
NABL N-Able Inc. 0.01% 107,660 $1.0M New
SSTI Soundthinking Inc. 0.01% 75,110 $981K Reduce -0.3%
COST Costco Wholesale Corp. 0.01% 1,065 $976K No change
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.01% 52,555 $975K Reduce -0.3%
FTNT Fortinet Inc. 0.01% 10,259 $969K Add +1.4%
ANSS Ansys Inc. 0.01% 2,736 $923K Reduce -23.2%
ROP Roper Technologies Inc. 0.01% 1,754 $912K Reduce -0.6%
SPGI S&P Global Inc. 0.01% 1,476 $735K No change
TSCO Tractor Supply Company 0.01% 13,095 $695K No change
FDS Factset Research Systems Inc. 0.01% 1,437 $690K No change
IDXX Idexx Laboratories Inc. 0.01% 1,624 $671K Reduce -0.3%
VEEV Veeva Systems Inc. Class A 0.01% 3,074 $646K Reduce -0.2%
FAST Fastenal Co. 0.01% 8,885 $639K No change
MA Mastercard Inc. Class A 0.01% 1,055 $556K No change
GOOGL Alphabet Inc. Class A 0.01% 2,930 $555K No change
XYL Xylem Inc. 0.01% 4,779 $554K No change
CYRX Cryoport Inc. 0.01% 70,917 $552K Reduce -0.3%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 1,165 $528K No change
STE Steris PLC 0.01% 2,529 $520K No change
INTU Intuit Inc. 0.01% 765 $481K No change
LIN Linde PLC 0.01% 1,025 $429K Reduce -1.0%
GOOG Alphabet Inc. Class C 0.01% 2,210 $421K No change
MTD Mettler-Toledo International 0.01% 343 $420K Add +9.9%
BSY Bentley Systems Inc. Class B 0.01% 8,385 $392K No change
AAPL Apple Inc. 0.00% 1,380 $346K No change
JNJ Johnson & Johnson 0.00% 2,010 $291K Reduce -0.7%
ALGN Align Technology Inc. 0.00% 1,294 $270K Reduce -0.4%
XOM Exxon Mobil Corp. 0.00% 2,449 $263K Reduce -1.4%
GRMN Garmin Ltd. 0.00% 1,220 $252K No change
MKL Markel Group Inc. 0.00% 145 $250K No change
DHR Danaher Corp. 0.00% 1,030 $236K No change
ITW Illinois Tool Works 0.00% 910 $231K No change
HD Home Depot Inc. 0.00% 565 $220K New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 1,845 $203K Add +6.7%
NVDA Nvidia Corp. 0.00% 1,500 $201K New

Portfolio Sells Q3 2024 → Q4 2024
ALTR Altair Engineering Inc. Class A Reduce -55.9% 1.61% −1.66
EXPO Exponent Inc. Reduce -0.1% 3.31% −1.08
SSD Simpson Manufacturing Co. Inc. Reduce -9.8% 2.82% −0.87
NEOG Neogen Corp. Reduce -2.3% 1.37% −0.62
FOXF Fox Factory Holding Corp. Sold out 0.00% −0.60
NOVT Novanta Inc. Reduce -0.2% 2.73% −0.55
LMAT Lemaitre Vascular Inc. Reduce -14.4% 2.07% −0.43
BCPC Balchem Corp. Reduce -0.1% 2.54% −0.27
HLMN Hillman Solutions Corp. Reduce -13.1% 0.96% −0.27
TFX Teleflex Inc. Sold out 0.00% −0.24
MTN Vail Resorts Inc. Sold out 0.00% −0.22
TRNS Transcat Inc. Reduce -0.3% 1.27% −0.22
CSW CSW Industrials Inc. Reduce -0.5% 2.68% −0.18
CGNX Cognex Corp. Sold out 0.00% −0.18
AAON Aaon Inc. Reduce -11.0% 2.95% −0.16
FSV Firstservice Corp. Reduce -0.1% 3.48% −0.11
WDFC WD-40 Co. Reduce -0.7% 1.03% −0.10
FICO Fair Isaac Corp. Reduce -25.0% 0.28% −0.09
RBC RBC Bearings Inc. Reduce -0.1% 2.93% −0.08
FSS Federal Signal Corp. Reduce -0.7% 1.69% −0.07
ULS Ul Solutions Inc. Class A Reduce -0.4% 0.47% −0.01
ONT Onterris Inc. Reduce -0.3% 0.01% −0.01
NVEE NV5 Global Inc. Reduce -0.3% 0.02% −0.00
ERII Energy Recovery Inc. Reduce -0.2% 0.02% −0.00
KIDS Orthopediatrics Corp. Reduce -0.1% 0.02% −0.00
ANSS Ansys Inc. Reduce -23.2% 0.01% −0.00
CPRT Copart Inc. Reduce -22.3% 0.01% −0.00
PLMR Palomar Holdings Inc. Reduce -16.5% 0.03% −0.00
IDXX Idexx Laboratories Inc. Reduce -0.3% 0.01% −0.00
WLDN Willdan Group Inc. Reduce -0.3% 0.02% −0.00
ROP Roper Technologies Inc. Reduce -0.6% 0.01% −0.00
LIN Linde PLC Reduce -1.0% 0.01% −0.00
ALGN Align Technology Inc. Reduce -0.4% 0.00% −0.00
JNJ Johnson & Johnson Reduce -0.7% 0.00% −0.00
CYRX Cryoport Inc. Reduce -0.3% 0.01% −0.00
XOM Exxon Mobil Corp. Reduce -1.4% 0.00% −0.00
VEEV Veeva Systems Inc. Class A Reduce -0.2% 0.01% −0.00
BLFS Biolife Solutions Inc. Reduce -0.3% 0.02% +0.00
BWMN Bowman Consulting Group Ltd. Reduce -0.2% 0.02% +0.00
USPH U.S. Physical Therapy Inc. Reduce -0.4% 0.02% +0.00
IIIV I3 Verticals Inc. Class A Reduce -0.3% 0.02% +0.00
SSTI Soundthinking Inc. Reduce -0.3% 0.01% +0.00
TCYSF Tecsys Inc. Reduce -0.3% 0.03% +0.00
IRMD Iradimed Corp. Reduce -0.4% 0.02% +0.00
PHR Phreesia Inc. Reduce -0.7% 0.03% +0.00
COCO The Vita Coco Co. Inc. Reduce -0.3% 0.02% +0.00
TKNO Alpha Teknova Inc. Reduce -19.9% 0.03% +0.01
ESE Esco Technologies Inc. Reduce -0.4% 1.84% +0.01
UTI Universal Technical Institut Reduce -0.1% 0.03% +0.01
OLO Olo Inc. Class A Reduce -0.3% 0.03% +0.01

Portfolio Buys Q3 2024 → Q4 2024
NCNO Ncino Inc. New 0.93% +0.93
PYCR Paycor HCM Inc. Add +23.8% 1.71% +0.63
WK Workiva Inc. Add +13.7% 1.69% +0.59
KAI Kadant Inc. New 0.51% +0.51
MRCY Mercury Systems Inc. Add +55.9% 1.15% +0.49
CCC CCC Intelligent Solutions Ho Add +28.9% 1.91% +0.48
JBTM JBT Marel Corp. Add +10.2% 1.59% +0.45
CXT Crane NXT Co. New 0.42% +0.42
AZTA Azenta Inc. Add +65.0% 1.05% +0.42
BL Blackline Inc. Add +20.2% 1.70% +0.39
STVN Stevanato Group SPA Add +5.3% 2.33% +0.25
MSA Msa Safety Inc. Add +34.2% 1.30% +0.24
PCOR Procore Technologies Inc. New 0.21% +0.21
AGYS Agilysys Inc. Add +25.0% 0.62% +0.20
DGII Digi International Inc. Add +7.0% 1.44% +0.18
SPXC SPX Technologies Inc. Add +25.6% 1.52% +0.16
WST West Pharmaceutical Services Add +59.7% 0.29% +0.12
POOL Pool Corp. Add +31.7% 0.56% +0.08
MLAB Mesa Laboratories Inc. Add +8.3% 1.00% +0.07
HLIO Helios Technologies Inc. Add +15.5% 1.18% +0.06
TREX Trex Company Inc. Add +0.9% 1.80% +0.04
NABL N-Able Inc. New 0.01% +0.01
MAMA Mama's Creations Inc. Add +17.2% 0.02% +0.00
HD Home Depot Inc. New 0.00% +0.00
NVDA Nvidia Corp. New 0.00% +0.00
FTNT Fortinet Inc. Add +1.4% 0.01% +0.00
THBRF Thunderbird Entertainment GR Add +36.5% 0.01% +0.00
VRSK Verisk Analytics Inc. Add +0.2% 0.02% +0.00
SJM The JM Smucker Co. Add +6.7% 0.00% −0.00
WCN Waste Connections Inc. Add +6.3% 0.01% −0.00
MTD Mettler-Toledo International Add +9.9% 0.01% −0.00
JKHY Jack Henry & Associates Inc. Add +1.1% 0.43% −0.01
GNRC Generac Holdings Inc. Add +1.6% 0.32% −0.01
IT Gartner Inc. Add +1.5% 0.20% −0.01
TYL Tyler Technologies Inc. Add +1.3% 0.68% −0.02
BFAM Bright Horizons Family Solut Add +24.3% 0.43% −0.02
SLP Simulations Plus Inc. Add +15.0% 0.82% −0.02
GGG Graco Inc. Add +1.4% 0.48% −0.02
WSO Watsco Inc. Add +1.4% 0.61% −0.03
EVI Evi Industries Inc. Add +1.7% 0.17% −0.03
TECH Bio-Techne Corp. Add +1.6% 0.30% −0.04
LCII Lci Industries Add +1.7% 0.23% −0.04
GWRE Guidewire Software Inc. Add +1.6% 0.53% −0.05
HEI.A Heico Corp. Class A Add +1.5% 0.55% −0.06
ROL Rollins Inc. Add +1.3% 0.63% −0.06
RGEN Repligen Corp. Add +0.7% 1.81% −0.09
MMSI Merit Medical Systems Inc. Add +0.0% 2.94% −0.13
SPSC SPS Commerce Inc. Add +0.0% 3.04% −0.24
SITE Siteone Landscape Supply Inc. Add +2.7% 2.04% −0.29

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 109$4.6BCWST, RBC, NOVT, BCPC, MRCY
Q1 2026 114$5.0BRBC, CWST, BCPC, FSV, ROAD
Q4 2025 121$5.9BCWST, RBC, DSGX, ROAD, CSW
Q3 2025 122$6.2BCWST, ROAD, DSGX, RBC, FSV
Q2 2025 122$6.8BCWST, ROAD, DSGX, RBC, FSV
Q1 2025 123$6.6BCWST, DSGX, ROAD, FSV, MMSI
Q4 2024 124$7.5BDSGX, CWST, ROAD, FSV, EXPO
Q3 2024 121$7.4BDSGX, EXPO, CWST, SSD, FSV
Q2 2024 130$6.7BCWST, DSGX, EXPO, ALTR, SSD
Q1 2024 131$6.9BCWST, SSD, DSGX, FSV, NOVT