Conestoga Capital Advisors, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 17, 2025), Conestoga Capital Advisors, LLC reported 123 stock positions worth $6.6 billion. Its top holding was Casella Waste Systems Class A (CWST) at 4.8% of the portfolio, followed by Descartes Systems Grp (DSGX, 4.2%) and Construction Partners Class A (ROAD, 3.7%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 56 and reduced 31. The biggest buy was Kadant (KAI, shares +98%) and the biggest sale an exit from Altair Engineering Class A (ALTR).

Most Recent 13F
Q2 2026
Location
WAYNE, PA
CIK
0001163744
Portfolio Value
$6.6B (Q1 2025)
SEC Filing
0001085146-25-002188 ↗ filed Apr 17, 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 Q4 2024 Q1 2025: $6.6B $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 123 stocks · $6.6B
CWST Casella Waste Systems Inc. Class A 4.84% 2,879,432 $321.1M Reduce -11.0%
DSGX The Descartes Systems Grp 4.23% 2,779,452 $280.3M Reduce -11.8%
ROAD Construction Partners Inc. Class A 3.74% 3,454,391 $248.3M Reduce -1.7%
FSV Firstservice Corp. 3.61% 1,443,619 $239.6M Reduce -0.4%
MMSI Merit Medical Systems Inc. 3.61% 2,265,173 $239.5M Reduce -1.1%
RBC RBC Bearings Inc. 3.55% 730,487 $235.0M Reduce -1.3%
EXPO Exponent Inc. 3.39% 2,776,034 $225.0M Reduce -0.9%
BCPC Balchem Corp. 2.92% 1,166,395 $193.6M Reduce -0.7%
CWAN Clearwater Analytics HDS-A 2.72% 6,722,552 $180.2M Reduce -0.4%
SSD Simpson Manufacturing Co. Inc. 2.68% 1,131,750 $177.8M Reduce -11.8%
CSW CSW Industrials Inc. 2.65% 603,277 $175.9M Add +5.1%
NOVT Novanta Inc. 2.63% 1,365,252 $174.6M Add +1.3%
SPSC SPS Commerce Inc. 2.52% 1,260,182 $167.3M Add +0.9%
STVN Stevanato Group SPA 2.52% 8,189,926 $167.2M Add +1.3%
ESE Esco Technologies Inc. 2.51% 1,043,802 $166.1M Reduce 0.0%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 2.36% 1,957,893 $156.7M Add +1.6%
AAON Aaon Inc. 2.23% 1,888,912 $147.6M Reduce -0.1%
SITE Siteone Landscape Supply Inc. 2.17% 1,183,574 $143.7M Add +1.4%
LMAT Lemaitre Vascular Inc. 2.08% 1,641,273 $137.7M Reduce -3.0%
RGEN Repligen Corp. 1.88% 980,247 $124.7M Add +3.5%
JBTM JBT Marel Corp. 1.76% 957,097 $117.0M Add +1.3%
TREX Trex Company Inc. 1.75% 2,002,468 $116.3M Add +1.8%
MSA Msa Safety Inc. 1.75% 790,939 $116.0M Add +33.9%
CCC CCC Intelligent Solutions Ho 1.69% 12,439,365 $112.3M Add +1.4%
VERX Vertex Inc. Class A 1.56% 2,947,740 $103.2M Add +30.3%
SPXC SPX Technologies Inc. 1.55% 799,195 $102.9M Add +1.4%
BL Blackline Inc. 1.54% 2,110,677 $102.2M Reduce -0.1%
FSS Federal Signal Corp. 1.53% 1,378,475 $101.4M Reduce -0.1%
DGII Digi International Inc. 1.50% 3,575,461 $99.5M Reduce -0.2%
MRCY Mercury Systems Inc. 1.47% 2,258,186 $97.3M Add +8.9%
VCEL Vericel Corp. 1.39% 2,061,600 $92.0M Reduce -0.4%
WK Workiva Inc. 1.35% 1,179,179 $89.5M Add +1.2%
WDFC WD-40 Co. 1.18% 319,803 $78.0M Add +0.1%
KAI Kadant Inc. 1.12% 221,209 $74.5M Add +97.9%
NEOG Neogen Corp. 1.12% 8,540,859 $74.0M Add +0.4%
TRNS Transcat Inc. 1.07% 957,254 $71.3M Add +5.8%
MLAB Mesa Laboratories Inc. 1.02% 571,358 $67.8M Reduce -0.3%
AZTA Azenta Inc. 1.00% 1,915,556 $66.4M Add +21.4%
HLMN Hillman Solutions Corp. 0.98% 7,386,494 $64.9M Reduce -0.5%
SLP Simulations Plus Inc. 0.96% 2,609,388 $64.0M Add +17.2%
HLIO Helios Technologies Inc. 0.95% 1,971,463 $63.3M Reduce -0.8%
ROL Rollins Inc. 0.90% 1,102,275 $59.6M Add +7.8%
NCNO Ncino Inc. 0.89% 2,153,285 $59.2M Add +2.9%
TYL Tyler Technologies Inc. 0.84% 95,781 $55.7M Add +7.4%
WSO Watsco Inc. 0.81% 105,192 $53.5M Add +7.5%
AGYS Agilysys Inc. 0.80% 731,039 $53.0M Add +105.2%
CXT Crane NXT Co. 0.77% 993,154 $51.0M Add +83.5%
HEI.A Heico Corp. Class A 0.74% 232,063 $49.0M Add +4.3%
GWRE Guidewire Software Inc. 0.72% 255,970 $48.0M Add +7.2%
POOL Pool Corp. 0.64% 133,893 $42.6M Add +7.4%
BFAM Bright Horizons Family Solut 0.61% 316,570 $40.2M Add +7.4%
ULS Ul Solutions Inc. Class A 0.60% 710,302 $40.1M Add +0.6%
GGG Graco Inc. 0.58% 461,794 $38.6M Add +7.1%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.55% 201,110 $36.7M Add +7.5%
PYCR Paycor HCM Inc. 0.45% 1,319,976 $29.6M Reduce -81.0%
GNRC Generac Holdings Inc. 0.32% 165,597 $21.0M Add +4.8%
PCTY Paylocity Holding Corp. 0.30% 107,323 $20.1M New
TECH Bio-Techne Corp. 0.29% 329,152 $19.3M Add +3.1%
WST West Pharmaceutical Services 0.24% 72,007 $16.1M Add +7.2%
AXON Axon Enterprise Inc. 0.24% 30,348 $16.0M Reduce -58.0%
LCII Lci Industries 0.23% 177,716 $15.5M Add +7.2%
PCOR Procore Technologies Inc. 0.22% 222,962 $14.7M Add +7.5%
EVI Evi Industries Inc. 0.21% 811,660 $13.6M Add +2.9%
FICO Fair Isaac Corp. 0.11% 3,862 $7.1M Reduce -63.9%
UTI Universal Technical Institut 0.03% 84,920 $2.2M Reduce -0.1%
PHR Phreesia Inc. 0.03% 77,455 $2.0M Reduce -0.1%
PLMR Palomar Holdings Inc. 0.03% 13,905 $1.9M Reduce -32.9%
TCYSF Tecsys Inc. 0.03% 63,720 $1.8M No change
WLDN Willdan Group Inc. 0.03% 44,093 $1.8M No change
IIIV I3 Verticals Inc. Class A 0.03% 69,772 $1.7M No change
VRSK Verisk Analytics Inc. 0.02% 5,475 $1.6M Add +1.9%
OLO Olo Inc. Class A 0.02% 265,885 $1.6M Reduce -14.0%
MAMA Mama's Creations Inc. 0.02% 229,140 $1.5M Add +18.4%
BLFS Biolife Solutions Inc. 0.02% 65,017 $1.5M No change
IRMD Iradimed Corp. 0.02% 27,455 $1.4M No change
NVEE NV5 Global Inc. 0.02% 73,872 $1.4M Add +17.7%
ERII Energy Recovery Inc. 0.02% 89,525 $1.4M No change
KIDS Orthopediatrics Corp. 0.02% 53,793 $1.3M No change
PL Planet Labs PBC 0.02% 377,750 $1.3M Reduce -23.6%
SSTI Soundthinking Inc. 0.02% 75,110 $1.3M No change
WCN Waste Connections Inc. 0.02% 6,484 $1.3M Add +2.9%
BWMN Bowman Consulting Group Ltd. 0.02% 56,630 $1.2M Add +20.8%
CSGP Costar Group Inc. 0.02% 15,495 $1.2M Add +2.0%
COCO The Vita Coco Co. Inc. 0.02% 35,560 $1.1M No change
USPH U.S. Physical Therapy Inc. 0.02% 14,965 $1.1M No change
CPRT Copart Inc. 0.02% 18,891 $1.1M No change
ROP Roper Technologies Inc. 0.02% 1,754 $1.0M No change
MSFT Microsoft Corp. 0.02% 2,712 $1.0M Add +1.9%
COST Costco Wholesale Corp. 0.02% 1,065 $1.0M No change
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.02% 70,225 $1.0M Add +33.6%
TKNO Alpha Teknova Inc. 0.02% 192,274 $998K Reduce -21.3%
FTNT Fortinet Inc. 0.01% 10,259 $988K No change
THBRF Thunderbird Entertainment GR 0.01% 842,105 $965K No change
NABL N-Able Inc. 0.01% 135,430 $960K Add +25.8%
ANSS Ansys Inc. 0.01% 2,577 $816K Reduce -5.8%
IT Gartner Inc. 0.01% 1,839 $772K Reduce -94.2%
SPGI S&P Global Inc. 0.01% 1,496 $760K Add +1.4%
TSCO Tractor Supply Company 0.01% 13,095 $722K No change
FAST Fastenal Co. 0.01% 9,285 $720K Add +4.5%
VEEV Veeva Systems Inc. Class A 0.01% 3,074 $712K No change
IDXX Idexx Laboratories Inc. 0.01% 1,694 $711K Add +4.3%
FDS Factset Research Systems Inc. 0.01% 1,437 $653K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 1,180 $628K Add +1.3%
MA Mastercard Inc. Class A 0.01% 1,055 $578K No change
STE Steris PLC 0.01% 2,529 $573K No change
XYL Xylem Inc. 0.01% 4,779 $571K No change
INTU Intuit Inc. 0.01% 780 $479K Add +2.0%
LIN Linde PLC 0.01% 1,025 $477K No change
GOOGL Alphabet Inc. Class A 0.01% 2,975 $460K Add +1.5%
CYRX Cryoport Inc. 0.01% 70,917 $431K No change
MTD Mettler-Toledo International 0.01% 343 $405K No change
GOOG Alphabet Inc. Class C 0.01% 2,210 $345K No change
JNJ Johnson & Johnson 0.01% 2,010 $333K No change
BSY Bentley Systems Inc. Class B 0.01% 8,385 $330K No change
AAPL Apple Inc. 0.00% 1,380 $307K No change
XOM Exxon Mobil Corp. 0.00% 2,449 $291K No change
MKL Markel Group Inc. 0.00% 145 $271K No change
GRMN Garmin Ltd. 0.00% 1,220 $265K No change
ODFL Old Dominion Freight Line 0.00% 1,544 $255K New
HD Home Depot Inc. 0.00% 650 $238K Add +15.0%
ITW Illinois Tool Works 0.00% 910 $226K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 1,845 $218K No change
DHR Danaher Corp. 0.00% 1,030 $211K No change

Portfolio Sells Q4 2024 → Q1 2025
ALTR Altair Engineering Inc. Class A Sold out 0.00% −1.61
PYCR Paycor HCM Inc. Reduce -81.0% 0.45% −1.26
AAON Aaon Inc. Reduce -0.1% 2.23% −0.72
DSGX The Descartes Systems Grp Reduce -11.8% 4.23% −0.52
ROAD Construction Partners Inc. Class A Reduce -1.7% 3.74% −0.38
AXON Axon Enterprise Inc. Reduce -58.0% 0.24% −0.33
HLIO Helios Technologies Inc. Reduce -0.8% 0.95% −0.22
IT Gartner Inc. Reduce -94.2% 0.01% −0.19
FICO Fair Isaac Corp. Reduce -63.9% 0.11% −0.17
BL Blackline Inc. Reduce -0.1% 1.54% −0.16
FSS Federal Signal Corp. Reduce -0.1% 1.53% −0.16
SSD Simpson Manufacturing Co. Inc. Reduce -11.8% 2.68% −0.14
VCEL Vericel Corp. Reduce -0.4% 1.39% −0.12
TKNO Alpha Teknova Inc. Reduce -21.3% 0.02% −0.01
OLO Olo Inc. Class A Reduce -14.0% 0.02% −0.01
PL Planet Labs PBC Reduce -23.6% 0.02% −0.01
ALGN Align Technology Inc. Sold out 0.00% −0.00
NVDA Nvidia Corp. Sold out 0.00% −0.00
PLMR Palomar Holdings Inc. Reduce -32.9% 0.03% −0.00
ANSS Ansys Inc. Reduce -5.8% 0.01% +0.00
UTI Universal Technical Institut Reduce -0.1% 0.03% +0.00
PHR Phreesia Inc. Reduce -0.1% 0.03% +0.00
LMAT Lemaitre Vascular Inc. Reduce -3.0% 2.08% +0.01
HLMN Hillman Solutions Corp. Reduce -0.5% 0.98% +0.02
MLAB Mesa Laboratories Inc. Reduce -0.3% 1.02% +0.02
DGII Digi International Inc. Reduce -0.2% 1.50% +0.07
EXPO Exponent Inc. Reduce -0.9% 3.39% +0.08
FSV Firstservice Corp. Reduce -0.4% 3.61% +0.14
CWAN Clearwater Analytics HDS-A Reduce -0.4% 2.72% +0.26
CWST Casella Waste Systems Inc. Class A Reduce -11.0% 4.84% +0.31
BCPC Balchem Corp. Reduce -0.7% 2.92% +0.38
RBC RBC Bearings Inc. Reduce -1.3% 3.55% +0.61
ESE Esco Technologies Inc. Reduce 0.0% 2.51% +0.66
MMSI Merit Medical Systems Inc. Reduce -1.1% 3.61% +0.68

Portfolio Buys Q4 2024 → Q1 2025
KAI Kadant Inc. Add +97.9% 1.12% +0.61
MSA Msa Safety Inc. Add +33.9% 1.75% +0.45
CXT Crane NXT Co. Add +83.5% 0.77% +0.35
MRCY Mercury Systems Inc. Add +8.9% 1.47% +0.31
PCTY Paylocity Holding Corp. New 0.30% +0.30
ROL Rollins Inc. Add +7.8% 0.90% +0.27
WSO Watsco Inc. Add +7.5% 0.81% +0.19
GWRE Guidewire Software Inc. Add +7.2% 0.72% +0.19
HEI.A Heico Corp. Class A Add +4.3% 0.74% +0.19
STVN Stevanato Group SPA Add +1.3% 2.52% +0.19
AGYS Agilysys Inc. Add +105.2% 0.80% +0.18
BFAM Bright Horizons Family Solut Add +7.4% 0.61% +0.17
JBTM JBT Marel Corp. Add +1.3% 1.76% +0.17
TYL Tyler Technologies Inc. Add +7.4% 0.84% +0.16
WDFC WD-40 Co. Add +0.1% 1.18% +0.15
SLP Simulations Plus Inc. Add +17.2% 0.96% +0.14
ULS Ul Solutions Inc. Class A Add +0.6% 0.60% +0.14
SITE Siteone Landscape Supply Inc. Add +1.4% 2.17% +0.13
JKHY Jack Henry & Associates Inc. Add +7.5% 0.55% +0.12
GGG Graco Inc. Add +7.1% 0.58% +0.10
POOL Pool Corp. Add +7.4% 0.64% +0.08
RGEN Repligen Corp. Add +3.5% 1.88% +0.07
EVI Evi Industries Inc. Add +2.9% 0.21% +0.03
SPXC SPX Technologies Inc. Add +1.4% 1.55% +0.03
PCOR Procore Technologies Inc. Add +7.5% 0.22% +0.02
LCII Lci Industries Add +7.2% 0.23% +0.01
NVEE NV5 Global Inc. Add +17.7% 0.02% +0.01
VRSK Verisk Analytics Inc. Add +1.9% 0.02% +0.01
WCN Waste Connections Inc. Add +2.9% 0.02% +0.00
CSGP Costar Group Inc. Add +2.0% 0.02% +0.00
ODFL Old Dominion Freight Line New 0.00% +0.00
BWMN Bowman Consulting Group Ltd. Add +20.8% 0.02% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +1.3% 0.01% +0.00
FAST Fastenal Co. Add +4.5% 0.01% +0.00
ONT Onterris Inc. Add +33.6% 0.02% +0.00
MAMA Mama's Creations Inc. Add +18.4% 0.02% +0.00
IDXX Idexx Laboratories Inc. Add +4.3% 0.01% +0.00
SPGI S&P Global Inc. Add +1.4% 0.01% +0.00
NABL N-Able Inc. Add +25.8% 0.01% +0.00
INTU Intuit Inc. Add +2.0% 0.01% +0.00
HD Home Depot Inc. Add +15.0% 0.00% +0.00
MSFT Microsoft Corp. Add +1.9% 0.02% +0.00
GOOGL Alphabet Inc. Class A Add +1.5% 0.01% −0.00
GNRC Generac Holdings Inc. Add +4.8% 0.32% −0.01
TECH Bio-Techne Corp. Add +3.1% 0.29% −0.01
CSW CSW Industrials Inc. Add +5.1% 2.65% −0.03
NCNO Ncino Inc. Add +2.9% 0.89% −0.04
VERX Vertex Inc. Class A Add +30.3% 1.56% −0.04
AZTA Azenta Inc. Add +21.4% 1.00% −0.04
TREX Trex Company Inc. Add +1.8% 1.75% −0.05

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