Is Qlik Technologies Inc (NASDAQ:QLIK) a good stock to buy right now? We at Insider Monkey like to examine what billionaires and hedge funds think of a company before doing days of research on it. Given their 2 and 20 payment structure, hedge funds have more resources than the average investor. The funds have access to expert networks and get tips from industry insiders. They also have numerous Ivy League graduates and MBAs. Like everyone else, hedge funds perform miserably at times, but their consensus picks have historically outperformed the market after risk adjustments.
Qlik Technologies Inc has seen an increase in support from the world’s most elite money managers recently. QLIK was in 38 hedge funds’ portfolios at the end of the third quarter of 2015. There were 32 hedge funds in our database with QLIK holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Memorial Resource Development Corp (NASDAQ:MRD), Graham Holdings Co (NYSE:GHC), and VWR Corp (NASDAQ:VWR) to gather more data points.
In the 21st century investor’s toolkit there are dozens of indicators shareholders have at their disposal to appraise their stock investments. A pair of the most under-the-radar indicators is composed of hedge fund and insider trading indicators. We have shown that, historically, those who follow the top picks of the elite money managers can outpace the broader indices by a very impressive amount (see the details here).
Now, let’s take a look at the key action surrounding Qlik Technologies Inc (NASDAQ:QLIK).
How have hedgies been trading Qlik Technologies Inc (NASDAQ:QLIK)?
Heading into Q4, a total of 38 of the hedge funds tracked by Insider Monkey were long this stock, a change of 19% from the second quarter. With hedge funds’ capital changing hands, there exist a few notable hedge fund managers who were upping their stakes significantly (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Cadian Capital, managed by Eric Bannasch, holds the number one position in Qlik Technologies Inc (NASDAQ:QLIK). Cadian Capital has a $181.8 million position in the stock, comprising 6.5% of its 13F portfolio. Coming in second is Platinum Asset Management, led by Kerr Neilson, holding a $175.7 million position; 4.8% of its 13F portfolio is allocated to the company. Remaining members of the smart money that hold long positions consist of Israel Englander’s Millennium Management, Ken Griffin’s Citadel Investment Group and Josh Resnick’s Jericho Capital Asset Management.