Q2 Beat Not Enough As Tableau Software Inc (DATA) Swan Dives On Slowing Growth

What have hedge funds been doing with Tableau Software Inc (NYSE:DATA)?

According to hedge fund intelligence website Insider Monkey, David Goel and Paul Ferri’s Matrix Capital Management had the largest position in Tableau Software Inc (NYSE:DATA), worth close to $222.5 million, corresponding to 11.4% of its total 13F portfolio. Coming in second is Tiger Global Management, managed by Chase Coleman, which held a $156.1 million position; the fund has 1.7% of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism encompass Karthik Sarma’s SRS Investment Management, Eric Chen’s Antipodean Advisors and Josh Resnick‘s Jericho Capital Asset Management.

As optimism increased, a few hedge funds were leading the charge with large new positions. Chief among them was Jim Simons’ Renaissance Technologies, which opened a new position in the first quarter of 471,700 shares. Steve Cohen of Point72 Asset Management and Lei Zhang of Hillhouse Capital Management were a couple of the other prominent investors taking positions in the company.

With bullish hedge fund sentiment, strong year-to-date growth, and solid financial results, we believe the sell-off today is an overly strong reaction to a dip in growth and that investosr should consider buying shares on today’s weakness.

Disclosure: None