Influential Hedge Funds’ Most Interesting Moves in the Tech Space

eBay Inc (NASDAQ:EBAY)

The continuous underperformance of eBay Inc (NASDAQ:EBAY)’s stock since the separation of  PayPal Holdings Inc (NASDAQ:PYPL) might have prompted billionaire Dan Loeb‘s Third Point LLC to sell its entire stake of 4 million shares of the company during the first quarter. Another hedge fund that brought down its holding in the company to zero during the first quarter was Jeffrey Tannenbaum‘s Fir Tree. These funds are not alone in having a negative outlook for eBay Inc (NASDAQ:EBAY), some analysts share the same view on the company as most of the businesses it runs, with the exception of StubHub, have failed to grow at a pace that they were projected to. However, there are also many analysts who feel that the stock has limited downside from current levels largely because it is trading at a trailing P/E of only 14.4, much lower than the multiples at which other e-commerce stocks trade.

Facebook Inc (NASDAQ:FB)

The stellar rise of Facebook Inc (NASDAQ:FB) over the last two years has made it a favorite among hedge funds and billionaire investors. Billionaire David Tepper’s Appaloosa Management LP is among the latest hedge funds to have added the stock to its portfolio. During the first quarter, Appaloosa bought nearly 1.63 million shares of Facebook Inc (NASDAQ:FB) worth $185.75 million, as of March 31. For its most recent quarter, led by the continuing growth of its mobile business, the company again managed to beat analysts’ expectation by reporting EPS of $0.77 on revenue of $5.38 billion versus projections of EPS of $0.62 on revenue of $5.25 billion. To continue growing its top-line, the company recently announced that it will start selling video advertising for other companies for a cut of the revenues. On May 16, analysts at Credit Agricole reiterated their ‘Buy’ rating and $161 price target on the stock. Having initiated its stake during the first quarter itself by buying 20.133 million shares of the company, billionaire Andreas Halvorsen‘s Viking Global became the largest shareholder of Facebook among hedge funds covered by us.