Last year we predicted the arrival of the first US recession since 2009 and we told in advance that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. In this article, we will take a closer look at hedge fund sentiment towards Jamf Holding Corp. (NASDAQ:JAMF).
Is Jamf Holding Corp. (NASDAQ:JAMF) a great stock to buy now? The best stock pickers were taking an optimistic view. The number of bullish hedge fund bets moved up by 2 lately. Jamf Holding Corp. (NASDAQ:JAMF) was in 19 hedge funds’ portfolios at the end of the second quarter of 2021. The all time high for this statistic is 26. Our calculations also showed that JAMF isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings).
To most traders, hedge funds are assumed to be slow, outdated investment vehicles of the past. While there are over 8000 funds with their doors open today, Our researchers look at the moguls of this group, about 850 funds. These hedge fund managers control bulk of the hedge fund industry’s total asset base, and by keeping track of their inimitable picks, Insider Monkey has formulated a number of investment strategies that have historically outrun the S&P 500 index. Insider Monkey’s flagship short hedge fund strategy outrun the S&P 500 short ETFs by around 20 percentage points a year since its inception in March 2017. Also, our monthly newsletter’s portfolio of long stock picks returned 185.4% since March 2017 (through August 2021) and beat the S&P 500 Index by more than 79 percentage points. You can download a sample issue of this newsletter on our website.
Chase Coleman of Tiger Global
With all of this in mind we’re going to view the fresh hedge fund action regarding Jamf Holding Corp. (NASDAQ:JAMF).
Do Hedge Funds Think JAMF Is A Good Stock To Buy Now?
At Q2’s end, a total of 19 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 12% from the first quarter of 2020. The graph below displays the number of hedge funds with bullish position in JAMF over the last 24 quarters. With the smart money’s sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).
The largest stake in Jamf Holding Corp. (NASDAQ:JAMF) was held by Vista Equity Partners, which reported holding $2124 million worth of stock at the end of June. It was followed by Tiger Global Management LLC with a $93.3 million position. Other investors bullish on the company included No Street Capital, Renaissance Technologies, and D E Shaw. In terms of the portfolio weights assigned to each position Vista Equity Partners allocated the biggest weight to Jamf Holding Corp. (NASDAQ:JAMF), around 22.67% of its 13F portfolio. No Street Capital is also relatively very bullish on the stock, earmarking 2.9 percent of its 13F equity portfolio to JAMF.
Consequently, key money managers were breaking ground themselves. Renaissance Technologies, established the largest position in Jamf Holding Corp. (NASDAQ:JAMF). Renaissance Technologies had $14.6 million invested in the company at the end of the quarter. Frank Fu’s CaaS Capital also initiated a $6.4 million position during the quarter. The following funds were also among the new JAMF investors: Matthew L Pinz’s Pinz Capital, Israel Englander’s Millennium Management, and Marc Majzner’s Clearline Capital.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Jamf Holding Corp. (NASDAQ:JAMF) but similarly valued. These stocks are loanDepot, Inc. (NYSE:LDI), SeaWorld Entertainment Inc (NYSE:SEAS), ONE Gas Inc (NYSE:OGS), WNS (Holdings) Limited (NYSE:WNS), Qualys Inc (NASDAQ:QLYS), EPR Properties (NYSE:EPR), and F.N.B. Corp (NYSE:FNB). This group of stocks’ market caps are closest to JAMF’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| LDI | 4 | 7004 | -2 |
| SEAS | 41 | 1948325 | 2 |
| OGS | 13 | 31848 | 0 |
| WNS | 20 | 294371 | -1 |
| QLYS | 20 | 214955 | 8 |
| EPR | 20 | 231012 | 5 |
| FNB | 16 | 55892 | 0 |
| Average | 19.1 | 397630 | 1.7 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 19.1 hedge funds with bullish positions and the average amount invested in these stocks was $398 million. That figure was $2291 million in JAMF’s case. SeaWorld Entertainment Inc (NYSE:SEAS) is the most popular stock in this table. On the other hand loanDepot, Inc. (NYSE:LDI) is the least popular one with only 4 bullish hedge fund positions. Jamf Holding Corp. (NASDAQ:JAMF) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for JAMF is 49.2. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 24% in 2021 through October 22nd and still beat the market by 1.6 percentage points. A small number of hedge funds were also right about betting on JAMF as the stock returned 42.5% since the end of the second quarter (through 10/22) and outperformed the market by an even larger margin.
Follow Jamf Holding Corp. (NASDAQ:JAMF)
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Disclosure: None. This article was originally published at Insider Monkey.
