Acme Packet, Inc. (NASDAQ:APKT) was in 22 hedge funds' portfolio at the end of the first quarter of 2013. APKT has experienced a decrease in activity from the world's largest hedge funds of late. There were 25 hedge funds in our database with APKT positions at the end of the previous quarter.
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With these "truths" under our belt, it's important to take a glance at the recent action encompassing Acme Packet, Inc. (NASDAQ:APKT).
Heading into Q2, a total of 22 of the hedge funds we track were long in this stock, a change of -12% from the first quarter. With hedgies' positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their stakes meaningfully.
When looking at the hedgies we track, Kenneth Mario Garschina's Mason Capital Management had the most valuable position in Acme Packet, Inc. (NASDAQ:APKT), worth close to $96.2 million, accounting for 2.4% of its total 13F portfolio. Sitting at the No. 2 spot is AQR Capital Management, managed by Cliff Asness, which held a $88.1 million position; 0.3% of its 13F portfolio is allocated to the stock. Some other hedgies that are bullish include Jane Mendillo's Harvard Management Co, Tony Chedraoui's Tyrus Capital and Mario Gabelli's GAMCO Investors.
Due to the fact that Acme Packet, Inc. (NASDAQ:APKT) has witnessed declining sentiment from the smart money, we can see that there is a sect of fund managers that slashed their entire stakes at the end of the first quarter. Interestingly, Matt Sirovich and Jeremy Mindich's Scopia Capital dumped the biggest position of all the hedgies we key on, comprising about $20 million in stock.. Josh Resnick's fund, Jericho Capital Asset Management, also dropped its stock, about $16.9 million worth. These moves are interesting, as total hedge fund interest dropped by 3 funds at the end of the first quarter.
Insider buying is at its handiest when the company in question has seen transactions within the past half-year. Over the last half-year time frame, Acme Packet, Inc. (NASDAQ:APKT) has experienced zero unique insiders purchasing, and 1 insider sales (see the details of insider trades here).
Let's go over hedge fund and insider activity in other stocks similar to Acme Packet, Inc. (NASDAQ:APKT). These stocks are Alcatel Lucent SA (ADR) (NYSE:ALU), Ciena Corporation (NASDAQ:CIEN), ViaSat, Inc. (NASDAQ:VSAT), Arris Group, Inc. (NASDAQ:ARRS), and Exelis Inc (NYSE:XLS). This group of stocks belong to the communication equipment industry and their market caps are closest to APKT's market cap.