Is Qlik Technologies Inc (NASDAQ:QLIK) a marvelous investment now? Prominent investors are turning less bullish. The number of bullish hedge fund positions retreated by 5 recently.
To the average investor, there are tons of indicators shareholders can use to track Mr. Market. Some of the most underrated are hedge fund and insider trading activity. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the best money managers can outclass the broader indices by a solid margin (see just how much).
Equally as integral, optimistic insider trading sentiment is another way to parse down the world of equities. As the old adage goes: there are a number of incentives for an executive to downsize shares of his or her company, but just one, very simple reason why they would initiate a purchase. Various empirical studies have demonstrated the valuable potential of this strategy if shareholders understand where to look (learn more here).
Now, let’s take a look at the key action surrounding Qlik Technologies Inc (NASDAQ:QLIK).
What have hedge funds been doing with Qlik Technologies Inc (NASDAQ:QLIK)?
At year’s end, a total of 18 of the hedge funds we track were bullish in this stock, a change of -22% from the third quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings substantially.
When looking at the hedgies we track, Maverick Capital, managed by Lee Ainslie, holds the biggest position in Qlik Technologies Inc (NASDAQ:QLIK). Maverick Capital has a $48.8 million position in the stock, comprising 0.7% of its 13F portfolio. On Maverick Capital’s heels is Ken Griffin of Citadel Investment Group, with a $48.2 million position; 0.1% of its 13F portfolio is allocated to the company. Some other hedgies with similar optimism include Steven Cohen’s SAC Capital Advisors, George Soros’s Soros Fund Management and John Murphy’s Alydar Capital.
Due to the fact that Qlik Technologies Inc (NASDAQ:QLIK) has witnessed falling interest from the aggregate hedge fund industry, logic holds that there exists a select few fund managers who sold off their entire stakes heading into 2013. At the top of the heap, James Dinan’s York Capital Management dumped the biggest position of the 450+ funds we key on, worth an estimated $26.4 million in stock.. Panayotis æTakisÆ Sparaggis’s fund, Alkeon Capital Management, also sold off its stock, about $20.8 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 5 funds heading into 2013.
What do corporate executives and insiders think about Qlik Technologies Inc (NASDAQ:QLIK)?
Insider buying is best served when the company in focus has seen transactions within the past six months. Over the last six-month time period, Qlik Technologies Inc (NASDAQ:QLIK) has seen zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).
Let’s also review 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). This group of stocks are in the business software & services industry and their market caps match QLIK’s market cap.
