Is Cynosure, Inc. (NASDAQ:CYNO) the right pick for your portfolio? Prominent investors are in a bullish mood. The number of bullish hedge fund positions inched up by 5 in recent months.
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Keeping this in mind, let’s take a glance at the latest action surrounding Cynosure, Inc. (NASDAQ:CYNO).
What does the smart money think about Cynosure, Inc. (NASDAQ:CYNO)?
Heading into 2013, a total of 14 of the hedge funds we track were bullish in this stock, a change of 56% from the third quarter. With the smart money’s sentiment swirling, there exists a few notable hedge fund managers who were increasing their stakes meaningfully.
Of the funds we track, Alyeska Investment Group, managed by Anand Parekh, holds the largest position in Cynosure, Inc. (NASDAQ:CYNO). Alyeska Investment Group has a $8 million position in the stock, comprising 0.4% of its 13F portfolio. The second largest stake is held by Driehaus Capital, managed by Richard Driehaus, which held a $4 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Remaining hedge funds that hold long positions include Ken Grossman and Glen Schneider’s SG Capital Management, Jim Simons’s Renaissance Technologies and John Overdeck and David Siegel’s Two Sigma Advisors.
As industrywide interest jumped, key hedge funds were breaking ground themselves. Alyeska Investment Group, managed by Anand Parekh, established the largest position in Cynosure, Inc. (NASDAQ:CYNO). Alyeska Investment Group had 8 million invested in the company at the end of the quarter. Ken Grossman and Glen Schneider’s SG Capital Management also initiated a $3 million position during the quarter. The following funds were also among the new CYNO investors: Mike Vranos’s Ellington, Joseph Edelman’s Perceptive Advisors, and Joel Greenblatt’s Gotham Asset Management.
What have insiders been doing with Cynosure, Inc. (NASDAQ:CYNO)?
Bullish insider trading is at its handiest when the company in focus has seen transactions within the past half-year. Over the last half-year time frame, Cynosure, Inc. (NASDAQ:CYNO) has experienced zero unique insiders purchasing, and 5 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Cynosure, Inc. (NASDAQ:CYNO). These stocks are Cardiovascular Systems Inc (NASDAQ:CSII), Natus Medical Inc (NASDAQ:BABY), Invacare Corporation (NYSE:IVC), Symmetry Medical Inc. (NYSE:SMA), and GenMark Diagnostics, Inc (NASDAQ:GNMK). All of these stocks are in the medical appliances & equipment industry and their market caps are closest to CYNO’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Cardiovascular Systems Inc (NASDAQ:CSII) | 6 | 1 | 4 |
| Natus Medical Inc (NASDAQ:BABY) | 15 | 1 | 5 |
| Invacare Corporation (NYSE:IVC) | 14 | 0 | 0 |
| Symmetry Medical Inc. (NYSE:SMA) | 9 | 0 | 2 |
| GenMark Diagnostics, Inc (NASDAQ:GNMK) | 7 | 0 | 6 |
With the results shown by Insider Monkey’s tactics, retail investors should always monitor hedge fund and insider trading sentiment, and Cynosure, Inc. (NASDAQ:CYNO) shareholders fit into this picture quite nicely.
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