Is Qlik Technologies Inc (NASDAQ:QLIK) a buy here? The smart money is in an optimistic mood. The number of long hedge fund bets inched up by 11 in recent months.
Recently, Zacks Investment Research gave the stock an unfavorable rating, saying QLIK could be a ”stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front. Recently, the 50 Day Moving Average for QLIK broke out below the 200 Day Simple Moving Average, suggesting short-term bearishness.”
Now, let’s take a glance at the recent action regarding Qlik Technologies Inc (NASDAQ:QLIK).
What have hedge funds been doing with Qlik Technologies Inc (NASDAQ:QLIK)?
In preparation for this quarter, a total of 34 of the hedge funds we track held long positions in this stock, a change of 48 percent from one quarter earlier. With hedge funds’ sentiment swirling, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings considerably.
When looking at the hedgies followed by Insider Monkey, Maverick Capital, managed by Lee Ainslie, holds the biggest position in Qlik Technologies Inc (NASDAQ:QLIK). Maverick Capital has a $152.1 million position in the stock, comprising 2.1 percent of its 13F portfolio. The second most bullish hedge fund manager is Columbus Circle Investors, managed by Donald Chiboucis, which held a $45.8 million position; the fund has 0.3 percent of its 13F portfolio invested in the stock. Remaining hedgies that are bullish include Eric Bannasch’s Cadian Capital, Ken Griffin’s Citadel Investment Group and Josh Resnick’s Jericho Capital Asset Management.
As industrywide interest jumped, specific money managers were breaking ground themselves. Jericho Capital Asset Management, managed by Josh Resnick, created the largest position in Qlik Technologies Inc (NASDAQ:QLIK). Jericho Capital Asset Management had 31.4 million invested in the company at the end of the quarter. Seymour Sy Kaufman and Michael Stark’s Crosslink Capital also made a $10.6 million investment in the stock during the quarter. The other funds with new positions in the stock are Daniel S. Och’s OZ Management, Joe DiMenna’s ZWEIG DIMENNA PARTNERS, and John Murphy’s Alydar Capital.
What have insiders been doing with Qlik Technologies Inc (NASDAQ:QLIK)?
Insider buying is particularly usable when the company in focus has seen transactions within the past half-year. Over the last six-month time period, Qlik Technologies Inc (NASDAQ:QLIK) has seen zero unique insiders purchasing, and 8 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Qlik Technologies Inc (NASDAQ:QLIK). These stocks are Sapient Corporation (NASDAQ:SAPE), Convergys Corporation (NYSE:CVG), Verint Systems Inc. (NASDAQ:VRNT), SS and C Technologies Holdings Inc (NASDAQ:SSNC), and Guidewire Software Inc (NYSE:GWRE). All of these stocks are in the business software & services industry and their market caps are similar to QLIK’s market cap.
Company Name
# of Hedge Funds
# of Insiders Buying
# of Insiders Selling
Sapient Corporation (NASDAQ:SAPE)
Convergys Corporation (NYSE:CVG)
Verint Systems Inc. (NASDAQ:VRNT)
SS and C Technologies Holdings Inc (NASDAQ:SSNC)
Guidewire Software Inc (NYSE:GWRE)
Verint Systems Inc. and Qlik Technologies Inc are held by nearly the same number of hedge funds tracked by Insider Monkey.
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Tags: Alydar Capital, Cadian Capital, Citadel Investment Group, Columbus Circle Investors, Convergys Corporation (NYSE:CVG), Crosslink Capital, Daniel S. Och, Donald Chiboucis, Eric Bannasch, Guidewire Software Inc (NYSE:GWRE), Jericho Capital Asset Management, Joe DiMenna, John Murphy, Josh Resnick, Ken Griffin, Lee Ainslie, Maverick Capital, OZ Management, Qlik Technologies Inc (NASDAQ:QLIK), Sapient Corporation (NASDAQ:SAPE), Seymour Sy Kaufman and Michael Stark, SS and C Technologies Holdings Inc (NASDAQ:SSNC), Verint Systems Inc. (NASDAQ:VRNT), ZWEIG DIMENNA PARTNERS