Marathon Capital Management Slices Stake in Adept Technology Inc (ADEP)

James G. Kennedy’s Marathon Capital Management has cut its stake in Adept Technology Inc (NASDAQ:ADEP) to some 980,100 shares. In its latest 13F, Marathon Capital Management, reported ownership of around 1.15 million shares of the company. Following the reduction, the fund’s stake in Adept Technology amasses 8.9% of common stock.

Adept Technology Inc

Adept Technology Inc (NASDAQ:ADEP) is a company engaged in manufacturing of application software and motion controls, machine vision systems, industrial robots. In December, the company signed a contract with Cornerstone Automation Systems for delivery of a fleet of mobile robots that will be integrated in pharmacy automation systems.

For the first quarter of its fiscal 2014, Adept Technology Inc (NASDAQ:ADEP) posted a revenue of $13.6 million, up by 19.4% over the year. The gross margin of the company went up by 5% on the year, and totaled 46.1%. Adept also posted a operating loss of $0.2 million, which represent an improvement from $2.7 million in the same period of the previous fiscal year.

Out of the funds we track, Nantahala Capital Management, led by Wilmot B. Harkey and Daniel Mack, reported owning 1.08 million shares of Adept Technology Inc (NASDAQ:ADEP) as held at the end of September 2013. The value of the stake amounts to $7.76 million. Seymour Sy Kaufman And Michael Stark’s Crosslink Capital reported a $972,000 stake, which contains 135,100 shares.

Last month, aside from Marathon Capital Management, an insider also sold around 104,900 shares of the company. David Greenhouse and Austin Marxe reported disposed the securities in December, in six transactions, the price varying between $12.00 and $14.85 apiece. Overall, during the last three months of last year, Greenhouse and Marxe reduced the holding in Adept Technology Inc (NASDAQ:ADEP) to 1.70 million shares, from approximately 2.2 million shares.

Disclosure: none

Recommended Reading:

Hedge Fund News: Daniel Och, Michael Novogratz & Phil Falcone

David Nierenberg Receives Some RadiSys Corporation (RSYS) Shares

Healthcor Management Increases Holding in CareView Communications Inc (CRVW)

Biotech Insider Alert - $5 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!