Is TriQuint Semiconductor (NASDAQ:TQNT) undervalued? Money managers are reducing their bets on the stock. The number of long hedge fund positions were cut by 6 recently.
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Keeping this in mind, let’s take a look at the latest action encompassing TriQuint Semiconductor (NASDAQ:TQNT).
How have hedgies been trading TriQuint Semiconductor (NASDAQ:TQNT)?
Heading into Q2, a total of 8 of the hedge funds we track were long in this stock, a change of -43% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were boosting their holdings considerably.
Of the funds we track, Starboard Value LP, managed by Jeffrey Smith, holds the biggest position in TriQuint Semiconductor (NASDAQ:TQNT). Starboard Value LP has a $36.3 million position in the stock, comprising 3.3% of its 13F portfolio. On Starboard Value LP’s heels is Ken Fisher of Fisher Asset Management, with a $32.1 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other hedge funds that are bullish include Chuck Royce’s Royce & Associates, Steve Shapiro’s Intrepid Capital Management Inc DE and Matthew Hulsizer’s PEAK6 Capital Management.
Due to the fact that TriQuint Semiconductor (NASDAQ:TQNT) has experienced bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few fund managers that decided to sell off their positions entirely last quarter. Interestingly, Israel Englander’s Millennium Management cut the biggest stake of the 450+ funds we key on, totaling about $2.6 million in stock.. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also dumped its stock, about $2.5 million worth. These bearish behaviors are interesting, as total hedge fund interest fell by 6 funds last quarter.
How have insiders been trading TriQuint Semiconductor (NASDAQ:TQNT)?
Insider buying is best served when the company we’re looking at has seen transactions within the past 180 days. Over the last 180-day time period, TriQuint Semiconductor (NASDAQ:TQNT) has experienced 2 unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to TriQuint Semiconductor (NASDAQ:TQNT). These stocks are Diodes Incorporated (NASDAQ:DIOD), EZchip Semiconductor Ltd. (NASDAQ:EZCH), InvenSense Inc (NYSE:INVN), OmniVision Technologies, Inc. (NASDAQ:OVTI), and Cabot Microelectronics Corporation (NASDAQ:CCMP). This group of stocks are the members of the semiconductor – integrated circuits industry and their market caps match TQNT’s market cap.