Big Bets On Amazon (AMZN), Symantec (SYMC) And Other Tech Stocks Lift Whale Rock to Big Q3

Zendesk Inc (NYSE:ZEN) was Whale Rock’s third-most valuable holding at the end of the second quarter, valued at $95.87 million. After a big run-up in the second quarter, which may have prompted Whale Rock to trim 8% of its stake, shares didn’t stop in the third quarter, gaining another 14%. However, they’ve been hit hard this quarter, slumping to six-month lows. Craig-Hallum believes the recent weakness has made Zendesk Inc (NYSE:ZEN) an attractive buying opportunity, calling its current headwinds a temporary setback.

At the end of the second quarter, a total of 27 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 4% from the previous quarter. Whale Rock Capital Management again had the most valuable position in the stock, and was followed by Jericho Capital Asset Management, led by Josh Resnick ($77.9 million position). Other hedge funds and institutional investors with similar optimism in Zendesk Inc (NYSE:ZEN) encompass Principal Global Investors’ Columbus Circle Investors, Brian Ashford-Russell and Tim Woolley’s Polar Capital, and Seymour Sy Kaufman and Michael Stark’s Crosslink Capital.

Lastly we come to Symantec Corporation (NASDAQ:SYMC), a new addition to Whale Rock’s portfolio in the second-quarter. The fund bought 3.75 million shares during the quarter, which were valued at $76.94 million at the end of June. Symantec is another stock that posted a strong Q3 (22% gains), but has been battered this month, losing nearly 8% on Friday after its latest quarterly results were issued, despite adjusted EPS coming in 50% higher than estimates.

According to Insider Monkey’s hedge fund database, Elliott Management, managed by Paul Singer, was one of 38 funds with a position in Symantec Corporation (NASDAQ:SYMC) at the end of June. Elliott Management had a $236.8 million position in the stock, while Slate Path Capital, led by David Greenspan, held a $113.1 million position in it; 8.8% of the value of its 13F portfolio was allocated to the company. D E Shaw and Orbis Investment Management were some of the other funds with Symantec Corporation (NASDAQ:SYMC) long positions.

Disclosure: None