Concur Technologies, Inc. (NASDAQ:CNQR) shareholders have witnessed a decrease in support from the world’s most elite money managers of late.
To the average investor, there are dozens of gauges market participants can use to analyze Mr. Market. A couple of the most useful are hedge fund and insider trading movement. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the top fund managers can trounce the broader indices by a superb margin (see just how much).
Equally as important, optimistic insider trading sentiment is another way to break down the financial markets. Just as you’d expect, there are many stimuli for a bullish insider to sell shares of his or her company, but just one, very obvious reason why they would buy. Several academic studies have demonstrated the valuable potential of this tactic if piggybackers understand where to look (learn more here).
With these “truths” under our belt, it’s important to take a peek at the key action regarding Concur Technologies, Inc. (NASDAQ:CNQR).
What does the smart money think about Concur Technologies, Inc. (NASDAQ:CNQR)?
In preparation for this quarter, a total of 10 of the hedge funds we track held long positions in this stock, a change of -29% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings considerably.
Of the funds we track, D. E. Shaw’s D E Shaw had the largest position in Concur Technologies, Inc. (NASDAQ:CNQR), worth close to $8.7 million, comprising less than 0.1%% of its total 13F portfolio. The second largest stake is held by Polar Capital, managed by Brian Ashford-Russell and Tim Woolley, which held a $7.7 million position; 0.3% of its 13F portfolio is allocated to the company. Remaining peers that are bullish include Van Schreiber’s Bennett Lawrence Management, Noam Gottesman’s GLG Partners and Ken Griffin’s Citadel Investment Group.
Due to the fact that Concur Technologies, Inc. (NASDAQ:CNQR) has experienced falling interest from the entirety of the hedge funds we track, we can see that there is a sect of money managers who were dropping their full holdings at the end of the first quarter. At the top of the heap, Jim Simons’s Renaissance Technologies said goodbye to the biggest investment of all the hedgies we watch, comprising close to $16.8 million in stock., and Anand Parekh of Alyeska Investment Group was right behind this move, as the fund said goodbye to about $10 million worth. These transactions are important to note, as total hedge fund interest fell by 4 funds at the end of the first quarter.
What do corporate executives and insiders think about Concur Technologies, Inc. (NASDAQ:CNQR)?
Insider trading activity, especially when it’s bullish, is best served when the company we’re looking at has seen transactions within the past six months. Over the latest half-year time frame, Concur Technologies, Inc. (NASDAQ:CNQR) has seen zero unique insiders purchasing, and 13 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Concur Technologies, Inc. (NASDAQ:CNQR). These stocks are ANSYS, Inc. (NASDAQ:ANSS), ACI Worldwide Inc (NASDAQ:ACIW), Mentor Graphics Corp (NASDAQ:MENT), PTC Inc (NASDAQ:PMTC), and National Instruments Corp (NASDAQ:NATI). This group of stocks belong to the technical & system software industry and their market caps resemble CNQR’s market cap.