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Is Allscripts Healthcare Solutions Inc (MDRX) a Good Buy?

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While the market driven by short-term sentiment influenced by uncertainty regarding the future of the interest rate environment in the US, the low commodity prices and the economic turmoil in China, many smart money investors are keeping their optimism regarding the current bull run, while still hedging many of their long positions. However, as we know, big investors usually buy stocks with strong fundamentals, which is why we believe we can profit from imitating them. In this article, we are going to take a look at the smart money sentiment surrounding Allscripts Healthcare Solutions Inc (NASDAQ:MDRX).

Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) was in 24 hedge funds’ portfolios at the end of September. MDRX shareholders have witnessed a decrease in enthusiasm from smart money lately. There were 28 hedge funds in our database with MDRX holdings at the end of the previous quarter. At the end of this article we will also compare MDRX to other stocks including CBL & Associates Properties, Inc. (NYSE:CBL), PRA Health Sciences Inc (NASDAQ:PRAH), and Criteo SA (ADR) (NASDAQ:CRTO) to get a better sense of its popularity.

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To the average investor there are many gauges shareholders employ to size up stocks. A duo of the most underrated gauges are hedge fund and insider trading signals. We have shown that, historically, those who follow the best picks of the top money managers can outperform the broader indices by a very impressive margin (see the details here).

Now, we’re going to take a look at the fresh action surrounding Allscripts Healthcare Solutions Inc (NASDAQ:MDRX).

Hedge fund activity in Allscripts Healthcare Solutions Inc (NASDAQ:MDRX)

At Q3’s end, a total of 24 of the hedge funds tracked by Insider Monkey were long this stock, a change of -14% from the previous quarter. With hedge funds’ sentiment swirling, there exists a select group of key hedge fund managers who were boosting their holdings significantly (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Iridian Asset Management, managed by David Cohen and Harold Levy, holds the largest position in Allscripts Healthcare Solutions Inc (NASDAQ:MDRX). Iridian Asset Management has a $196.9 million position in the stock, comprising 1.7% of its 13F portfolio. On Iridian Asset Management’s heels is Clifton S. Robbins of Blue Harbour Group, with a $178.8 million position; 5.6% of its 13F portfolio is allocated to the company. Other hedge funds and institutional investors that hold long positions include Glenn J. Krevlin’s Glenhill Advisors, D E Shaw and Justin John Ferayorni’s Tamarack Capital Management.

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