Hedge Funds Are Selling Symantec Corporation (SYMC)

Seeing as Symantec Corporation (NASDAQ:SYMC) has witnessed falling interest from the smart money, we can see that there exists a select few money managers that decided to sell off their positions entirely by the end of the third quarter. Intriguingly, David Greenspan’s Slate Path Capital sold off the largest position of all the hedgies tracked by Insider Monkey, totaling close to $113.1 million in stock, and Philippe Laffont’s Coatue Management was right behind this move, as the fund sold off about $44.2 million worth of shares.

Let’s check out hedge fund activity in other stocks similar to Symantec Corporation (NASDAQ:SYMC). These stocks are Northern Trust Corporation (NASDAQ:NTRS), TransDigm Group Incorporated (NYSE:TDG), Noble Energy, Inc. (NYSE:NBL), and Agilent Technologies Inc. (NYSE:A). This group of stocks’ market valuations resemble SYMC’s market valuation.

As you can see these stocks had an average of 37 hedge funds with bullish positions and the average amount invested in these stocks was $1.68 billion. That figure was $1.28 billion in SYMC’s case. TransDigm Group Incorporated (NYSE:TDG) is the most popular stock in this table. On the other hand Northern Trust Corporation (NASDAQ:NTRS) is the least popular one with only 30 bullish hedge fund positions. Symantec Corporation (NASDAQ:SYMC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard TDG might be a better candidate to consider taking a long position in.

Disclosure: None