STEC, Inc. (NASDAQ:STEC) was in 15 hedge funds’ portfolio at the end of March. STEC shareholders have witnessed a decrease in hedge fund sentiment recently. There were 16 hedge funds in our database with STEC positions at the end of the previous quarter.
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Now, let’s take a gander at the latest action encompassing STEC, Inc. (NASDAQ:STEC).
What have hedge funds been doing with STEC, Inc. (NASDAQ:STEC)?
At Q1’s end, a total of 15 of the hedge funds we track were bullish in this stock, a change of -6% from one quarter earlier. With hedgies’ sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were upping their holdings meaningfully.
When looking at the hedgies we track, Eric Bannasch’s Cadian Capital had the largest position in STEC, Inc. (NASDAQ:STEC), worth close to $11.6 million, comprising 0.3% of its total 13F portfolio. Sitting at the No. 2 spot is Chuck Royce of Royce & Associates, with a $9.1 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining hedge funds with similar optimism include Jim Simons’s Renaissance Technologies, Stuart Peterson’s Artis Capital Management and Philippe Laffont’s Coatue Management.
Due to the fact that STEC, Inc. (NASDAQ:STEC) has experienced declining sentiment from the smart money, we can see that there were a few fund managers that elected to cut their positions entirely at the end of the first quarter. Intriguingly, Paul Tudor Jones’s Tudor Investment Corp dropped the largest position of the “upper crust” of funds we watch, worth about $0.4 million in stock., and Glenn Russell Dubin of Highbridge Capital Management was right behind this move, as the fund dropped about $0.1 million worth. These moves are interesting, as total hedge fund interest was cut by 1 funds at the end of the first quarter.
How are insiders trading STEC, Inc. (NASDAQ:STEC)?
Insider trading activity, especially when it’s bullish, is most useful when the company in focus has seen transactions within the past 180 days. Over the latest half-year time period, STEC, Inc. (NASDAQ:STEC) has seen 2 unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to STEC, Inc. (NASDAQ:STEC). These stocks are OCZ Technology Group Inc. (NASDAQ:OCZ), Quantum Corp (NYSE:QTM), Imation Corp. (NYSE:IMN), Xyratex Ltd. (NASDAQ:XRTX), and Datalink Corporation (NASDAQ:DTLK). This group of stocks are in the data storage devices industry and their market caps are similar to STEC’s market cap.