Google Inc (GOOG), Broadcom Corporation (BRCM): To Call This Fund a ‘Tech Bull’ Would Be Saying it Lightly

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Finally, there is Citrix Systems, Inc. (NASDAQ:CTXS). Empire decreased their position in the software provider by 20% since adding it to the equity portfolio during the second quarter of 2012. The stock recently lost 11% of its value since mid-March, partially in sympathy with disappointing earnings from F5 Networks, Inc. (NASDAQ:FFIV) and Radware. As for their own earnings, Citrix Systems, Inc. (NASDAQ:CTXS) reported a 17% gain in revenue, but with a 35% increase in COGS, the company’s bottom line deteriorated 1.1% from levels reached in the last quarter of FY2011. Citrix Systems, Inc. (NASDAQ:CTXS) is currently priced at 4 times its book value, against a sector average of 3.5x. Needless to say, it’s revenue growth that Citrix bulls are keying on—a sentiment that’s at least understandable.

Even though tech stocks have come under some pressure the past week due to profit-taking, tepid earnings and “buy the rumor, sell the fact” trading, the overall sector continues to dominate as innovation, aggressive marketing and long-term growth projections makes technology stocks the darling of fund managers. Empire Capital Management has taken this strategy to the extreme by concentrating nearly its entire equity portfolio in the sector and the tactic has, so far, proven to be worth paying attention to.

Sonus, Google Inc (NASDAQ:GOOG), and Broadcom Corporation (NASDAQ:BRCM) are each intriguing plays in their own regard, and Bazaarvoice and Citrix are two stocks that don’t sit in many other managers’ “fab fives.” For a longer look at the other stocks in Empire’s equity portfolio, continue reading here, at Insider Monkey.

Disclosure: none

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