Do Hedge Funds and Insiders Love Emulex Corporation (ELX)?

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In the eyes of many of your fellow readers, hedge funds are viewed as useless, old financial vehicles of a period lost to current times. Although there are over 8,000 hedge funds in operation currently, this site focuses on the crème de la crème of this club, close to 525 funds. It is assumed that this group oversees the lion’s share of the smart money’s total assets, and by monitoring their highest performing equity investments, we’ve revealed a number of investment strategies that have historically outpaced the market. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points a year for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have beaten the S&P 500 index by 33 percentage points in 11 months (find a sample of our picks).

Equally as useful, optimistic insider trading activity is a second way to analyze the stock market universe. There are plenty of reasons for an insider to cut shares of his or her company, but just one, very obvious reason why they would behave bullishly. Various empirical studies have demonstrated the impressive potential of this tactic if piggybackers understand what to do (learn more here).

What’s more, we’re going to discuss the newest info for Emulex Corporation (NYSE:ELX).

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Hedge fund activity in Emulex Corporation (NYSE:ELX)

In preparation for the third quarter, a total of 22 of the hedge funds we track were bullish in this stock, a change of 5% from one quarter earlier. With the smart money’s capital changing hands, there exists a few noteworthy hedge fund managers who were upping their stakes significantly.

When using filings from the hedgies we track, Elliott Management, managed by Paul Singer, holds the most valuable position in Emulex Corporation (NYSE:ELX). Elliott Management has a $58.2 million position in the stock, comprising 1.1% of its 13F portfolio. On Elliott Management’s heels is Altai Capital, managed by Rishi Bajaj, Toby Symonds, and Steve Tesoriere, which held a $35.7 million position; the fund has 11.6% of its 13F portfolio invested in the stock. Some other peers that hold long positions include Jeffrey Smith’s Starboard Value LP, Youlia Miteva’s Proxima Capital Management and Chuck Royce’s Royce & Associates.

Consequently, particular hedge funds were breaking ground themselves. Elliott Management, managed by Paul Singer, initiated the most valuable position in Emulex Corporation (NYSE:ELX). Elliott Management had 58.2 million invested in the company at the end of the quarter. Rishi Bajaj, Toby Symonds, and Steve Tesoriere’s Altai Capital also made a $35.7 million investment in the stock during the quarter. The other funds with new positions in the stock are Jeffrey Smith’s Starboard Value LP, Youlia Miteva’s Proxima Capital Management, and Chuck Royce’s Royce & Associates.

How have insiders been trading Emulex Corporation (NYSE:ELX)?

Insider buying is most useful when the company we’re looking at has seen transactions within the past six months. Over the latest half-year time frame, Emulex Corporation (NYSE:ELX) has seen zero unique insiders buying, and zero insider sales (see the details of insider trades here).

We’ll also review the relationship between both of these indicators in other stocks similar to Emulex Corporation (NYSE:ELX). These stocks are STEC, Inc. (NASDAQ:STEC), Fusion-IO, Inc. (NYSE:FIO), Datalink Corporation (NASDAQ:DTLK), Xyratex Ltd. (NASDAQ:XRTX), and Quantum Corp (NYSE:QTM). All of these stocks are in the data storage devices industry and their market caps match ELX’s market cap.

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