Keynote Systems, Inc. (NASDAQ:KEYN) investors should be aware of an increase in support from the world’s most elite money managers lately.
At the moment, there are a multitude of methods market participants can use to watch publicly traded companies. Two of the most underrated are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite money managers can outclass the broader indices by a significant amount (see just how much).
Equally as key, bullish insider trading activity is another way to parse down the stock market universe. There are lots of motivations for a corporate insider to downsize shares of his or her company, but just one, very simple reason why they would behave bullishly. Many empirical studies have demonstrated the valuable potential of this tactic if shareholders know where to look (learn more here).
Keeping this in mind, we’re going to take a gander at the key action encompassing Keynote Systems, Inc. (NASDAQ:KEYN).
What have hedge funds been doing with Keynote Systems, Inc. (NASDAQ:KEYN)?
At the end of the fourth quarter, a total of 9 of the hedge funds we track were long in this stock, a change of 13% from the previous quarter. With hedge funds’ sentiment swirling, there exists an “upper tier” of key hedge fund managers who were increasing their holdings considerably.
According to our comprehensive database, Scott Fine and Peter Richards’s Empire Capital Management had the biggest position in Keynote Systems, Inc. (NASDAQ:KEYN), worth close to $36 million, accounting for 4.8% of its total 13F portfolio. The second largest stake is held by Jim Simons of Renaissance Technologies, with a $8 million position; the fund has 0% of its 13F portfolio invested in the stock. Other hedgies with similar optimism include Brian Ashford-Russell and Tim Woolley’s Polar Capital, Philip Hempleman’s Ardsley Partners and D. E. Shaw’s D E Shaw.
As industrywide interest jumped, key money managers have jumped into Keynote Systems, Inc. (NASDAQ:KEYN) headfirst. Millennium Management, managed by Israel Englander, established the most outsized position in Keynote Systems, Inc. (NASDAQ:KEYN). Millennium Management had 0 million invested in the company at the end of the quarter. J. Carlo Cannell’s Cannell Capital also initiated a $0 million position during the quarter.
What have insiders been doing with Keynote Systems, Inc. (NASDAQ:KEYN)?
Insider trading activity, especially when it’s bullish, is particularly usable when the company in question has experienced transactions within the past six months. Over the latest 180-day time period, Keynote Systems, Inc. (NASDAQ:KEYN) has seen zero unique insiders buying, and 5 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Keynote Systems, Inc. (NASDAQ:KEYN). These stocks are ModusLink Global Solutions, Inc. (NASDAQ:MLNK), Support.com, Inc. (NASDAQ:SPRT), Vocus, Inc. (NASDAQ:VOCS), QuinStreet Inc (NASDAQ:QNST), and ClickSoftware Technologies Ltd. (NASDAQ:CKSW). This group of stocks are the members of the internet software & services industry and their market caps are closest to KEYN’s market cap.