Do Hedge Funds Love Symantec Corporation (SYMC)?

The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors endured a torrid quarter, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Symantec Corporation (NASDAQ:SYMC).

Symantec Corporation (NASDAQ:SYMC) shareholders have witnessed an increase in support from the world’s most elite money managers lately. Symantec Corporation (NASDAQ:SYMC) was in 38 hedge funds’ portfolios at the end of September. There were 35 hedge funds in our database with Symantec Corporation (NASDAQ:SYMC) positions at the end of the previous quarter. At the end of this article, we will also compare Symantec Corporation (NASDAQ:SYMC) to other stocks, including NVIDIA Corporation (NASDAQ:NVDA), FirstEnergy Corp. (NYSE:FE), and Workday Inc (NYSE:WDAY) to get a better sense of its popularity.

According to most market participants, hedge funds are seen as worthless, old financial tools of the past. While there are more than 8000 funds in operation at the moment, We look at the elite of this group, around 700 funds. It is estimated that this group of investors administers the majority of the hedge fund industry’s total asset base, and by keeping an eye on their best stock picks, Insider Monkey has identified a few investment strategies that have historically beaten the S&P 500 index. Insider Monkey’s small-cap hedge fund strategy outpaced the S&P 500 index by 12 percentage points a year for a decade in their back tests.

With all of this in mind, let’s take a look at the latest action regarding Symantec Corporation (NASDAQ:SYMC).

How have hedgies been trading Symantec Corporation (NASDAQ:SYMC)?

At the end of the third quarter, a total of 38 of the hedge funds tracked by Insider Monkey were bullish on this stock, an increase of 9% from the second quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Ken Griffin’s Citadel Investment Group has the number one position in Symantec Corporation (NASDAQ:SYMC), worth close to $183.6 million, comprising 0.2% of its total 13F portfolio. Coming in second is D E Shaw, which holds a $100 million position; 0.1% of its 13F portfolio is allocated to the company. Some other hedge funds and institutional investors with similar optimism encompass Martin Whitman’s Third Avenue Management, John Overdeck and David Siegel’s Two Sigma Advisors, and Nick Niell’s Arrowgrass Capital Partners.