Constant Contact Inc (NASDAQ:CTCT) was in 8 hedge funds’ portfolio at the end of the first quarter of 2013. CTCT has seen a decrease in support from the world’s most elite money managers recently. There were 9 hedge funds in our database with CTCT holdings at the end of the previous quarter.
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Consequently, we’re going to take a look at the key action regarding Constant Contact Inc (NASDAQ:CTCT).
Hedge fund activity in Constant Contact Inc (NASDAQ:CTCT)
Heading into Q2, a total of 8 of the hedge funds we track held long positions in this stock, a change of -11% from the previous quarter. With the smart money’s capital changing hands, there exists a select group of notable hedge fund managers who were boosting their holdings meaningfully.
When looking at the hedgies we track, Soros Fund Management, managed by George Soros, holds the most valuable position in Constant Contact Inc (NASDAQ:CTCT). Soros Fund Management has a $9.7 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the No. 2 spot is Renaissance Technologies, managed by Jim Simons, which held a $4.1 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Remaining peers with similar optimism include Israel Englander’s Millennium Management, Glenn Russell Dubin’s Highbridge Capital Management and Ken Griffin’s Citadel Investment Group.
Due to the fact that Constant Contact Inc (NASDAQ:CTCT) has faced declining sentiment from the aggregate hedge fund industry, we can see that there was a specific group of fund managers that slashed their entire stakes at the end of the first quarter. At the top of the heap, Eric Semler’s TCS Capital Management cut the largest stake of all the hedgies we monitor, worth about $3.6 million in stock., and Robert B. Gillam of McKinley Capital Management was right behind this move, as the fund sold off about $1.3 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest dropped by 1 funds at the end of the first quarter.
What have insiders been doing with Constant Contact Inc (NASDAQ:CTCT)?
Bullish insider trading is best served when the company we’re looking at has seen transactions within the past half-year. Over the last 180-day time frame, Constant Contact Inc (NASDAQ:CTCT) has seen zero unique insiders buying, and 2 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Constant Contact Inc (NASDAQ:CTCT). These stocks are Marchex, Inc. (NASDAQ:MCHX), National CineMedia, Inc. (NASDAQ:NCMI), MDC Partners Inc. (USA) (NASDAQ:MDCA), Millennial Media, Inc. (NYSE:MM), and Harte-Hanks, Inc. (NYSE:HHS). This group of stocks are the members of the marketing services industry and their market caps resemble CTCT’s market cap.