Is Qlik Technologies Inc (NASDAQ:QLIK) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also have numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably at times, but their consensus picks have historically outperformed the market after risk adjustments.
Qlik Technologies Inc has seen an increase in support from the world’s most elite money managers recently. QLIK was in 38 hedge funds’ portfolios at the end of the third quarter of 2015. There were 32 hedge funds in our database with QLIK holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Memorial Resource Development Corp (NASDAQ:MRD), Graham Holdings Co (NYSE:GHC), and VWR Corp (NASDAQ:VWR) to gather more data points.
Follow Qlik Technologies Inc (NASDAQ:QLIK)
Follow Qlik Technologies Inc (NASDAQ:QLIK)
In the 21st century investor’s toolkit there are dozens of indicators shareholders have at their disposal to appraise their stock investments. A pair of the most under-the-radar indicators is composed of hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the elite money managers can outpace the broader indices by a very impressive amount (see the details here).
Now, let’s take a look at the key action surrounding Qlik Technologies Inc (NASDAQ:QLIK).
How have hedgies been trading Qlik Technologies Inc (NASDAQ:QLIK)?
Heading into Q4, a total of 38 of the hedge funds tracked by Insider Monkey were long this stock, a change of 19% from the second quarter. With hedge funds’ capital changing hands, there exist a few notable hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Cadian Capital, managed by Eric Bannasch, holds the number one position in Qlik Technologies Inc (NASDAQ:QLIK). Cadian Capital has a $181.8 million position in the stock, comprising 6.5% of its 13F portfolio. Coming in second is Platinum Asset Management, led by Kerr Neilson, holding a $175.7 million position; 4.8% of its 13F portfolio is allocated to the company. Remaining members of the smart money that hold long positions consist of Israel Englander’s Millennium Management, Ken Griffin’s Citadel Investment Group and Josh Resnick’s Jericho Capital Asset Management.
As one would reasonably expect, key money managers were leading the bulls’ herd. Jericho Capital Asset Management, managed by Josh Resnick, established a position in Qlik Technologies Inc (NASDAQ:QLIK). Jericho Capital Asset Management had $54.7 million invested in the company at the end of the quarter. Clifford Fox’s Columbus Circle Investors also made a $53.2 million investment in the stock during the quarter. The other funds with brand new QLIK positions are Peter Muller’s PDT Partners, D. E. Shaw’s D E Shaw, and Steve Cohen’s Point72 Asset Management.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Qlik Technologies Inc (NASDAQ:QLIK) but similarly valued. These stocks are Memorial Resource Development Corp (NASDAQ:MRD), Graham Holdings Co (NYSE:GHC), VWR Corp (NASDAQ:VWR), and SYNNEX Corporation (NYSE:SNX). This group of stocks’ market values are similar to QLIK’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MRD | 30 | 644554 | 3 |
| GHC | 28 | 756392 | -8 |
| VWR | 19 | 119892 | -2 |
| SNX | 11 | 36648 | -2 |
As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $389 million. That figure was $872 million in QLIK’s case. Memorial Resource Development Corp (NASDAQ:MRD) is the most popular stock in this table, and the least popular one is SYNNEX Corporation (NYSE:SNX)). Qlik Technologies Inc (NASDAQ:QLIK) is the most popular among all these stocks in this table, which indicates a lot of acquired attention from investors. Since smart money is behind this stock, it may be worth considering it as your choice of investment, too. In any case, further analyses are still advisable.
