Was Boardman Bay Capital Management Right To Reduce Exposure To Tableau Software (DATA), Applied Materials (AMAT) & Two Other Stocks?

Tableau Software Inc (NYSE:DATA) was also among Boardman Bay Capital’s top technology picks, with the management having slightly trimmed its stake during the third quarter. According to its latest 13F filing, the fund reduced its holding by 2% on the quarter to 43,554 shares worth approximately $2.41 million at the end of September. The stock gained 13% during the third quarter. At the end of June, a total of 34 of the hedge funds tracked by Insider Monkey were bullish on this stock, unchanged over the quarter. More specifically, Matrix Capital Management was the largest shareholder of Tableau Software Inc (NYSE:DATA), with a stake worth $267.8 million reported as of the end of June. Trailing Matrix Capital Management was Cadian Capital, which amassed a stake valued at $126.9 million. Brookside Capital, Altimeter Capital Management, and SRS Investment Management also held valuable positions in the company.

Will Graves has taken serious steps to reduce his fund’s exposure to Applied Materials, Inc. (NASDAQ:AMAT), having only bought into this stock during the previous quarter. In its latest regulatory filing, Boardman Bay Capital disclosed a 52% reduction in its holding of Applied Materials stock to 38,791 shares reportedly worth approximately $1.17 million. The move came as the stock advanced by 26.2% during the third quarter. A total of 47 funds from our database were bullish on this stock at the end of June, a change of 21% from the first quarter of 2016. Among these funds, D E Shaw held the most valuable stake in Applied Materials, Inc. (NASDAQ:AMAT), which was worth $314 million at the end of the second quarter. On the second spot was Millennium Management which amassed $205.4 million worth of shares. Moreover, Two Sigma Advisors, Renaissance Technologies, and Levin Capital Strategies were also bullish on Applied Materials, Inc. (NASDAQ:AMAT).

Disclosure: none