Eric Bannasch’s Cadian Capital revealed on November 16th that the firm bought 16,175 shares in Netscout Systems Inc. (NTCT). According to the filing, Cadian Capital bought the shares at $16.44 on November 14th and now the firm takes nearly 4.20 million shares in NTCT. Other SEC filings show Cadian Capital had 4,196,674 shares in NTCT in the second quarter, and did not make change to its position during the third quarter. NTCT is now trading at $16.86, losing 27% so far in 2011.
NTCT was in seventeen hedge funds in the second quarter, based on Insider Monkey’s hedge fund tracking list. After Eric Bannasch’s Cadian Capital, Chuck Royce’s Royce & Associates had 635 thousand shares in the stock, up by 54% from Q1. David E. Shaw’s D. E. Shaw sharply increased its position by 12 times and had 262 thousand shares in the stock.
Eric Bannasch is the portfolio manager in Cadian Capital. He has a MBA degree in Stanford University Graduate School of Business and a Bachelor’s degree in Stanford University. Cadian Capital has a 13F portfolio of more than $2.4 billon. More than half of the firm’s capital is invested in Technology sector.
According to Yahoo! Finance, NetScout Systems, Inc. “engages in the design, development, manufacture, marketing, sale, and support of unified service delivery management, service assurance, and application and network performance management solutions worldwide.” The company offers nGenius Service Assurance Solution, Sniffer Analysis software suite, and Sniffer Portable Analyzer product family to “a range of enterprise information technology operations and are deployed by telecommunication service providers”. The company was founded in 1984 and is based in Westford, Massachusetts.