At InsiderMonkey, we track insider purchases every day. It is very important to our investment strategy, just like keeping an eye on hedge fund activity. Therefore, in this article, I will look into two tech companies that have seen insiders buy their stock over the past few days.
First off is Sonus Networks, Inc. (NASDAQ:SONS), an $811 million market cap supplier of Session Initiation Protocol-based communication equipment including VoIP, video and Unified Communications through IP networks. On April 29, two insiders purchased the company’s stock. Raymond Dolan, CEO and President, acquired 1.0 million shares of the company, for prices ranging from $2.89 to $3.09 per share, inclusive. Following these transactions, Mr. Dolan owns around 3.08 million shares of the company, worth more than $10 million. The other active insider was Mark Greenquist, CFO, who bought 15,000 shares of Common Stock, for $2.9498 per share. He now holds 265,000 shares of Sonus Networks.
In addition, several major hedge funds are betting on this stock. For instance, Scott Fine and Peter Richards´ Empire Capital Management, the largest hedge fund shareholder, holds more than 26.4 million shares. Other prominent investors with millionaire stakes in Sonus Networks are Jim Simons, Donald Chiboucis, Chuck Royce, Israel Englander, and Cliff Asness.
Second in this list is Datawatch Corporation (NASDAQ:DWCH), a $140.5 million market cap company engaged in the design, development, manufacturing, marketing, and support of business computer software, mainly for the information optimization and business service management markets. Over the past couple of days, the company’s Vice President and Controller, Sanjay Mistry, acquired 6,000 shares of the company. On April 28, he purchased 1,000 shares for $12.90 each. Then, on the following day, he procured another 5,000 shares, for an average price of $12.71 per share. Mr. Mistry now holds 17,033 shares of the company.
Besides Mr. Beedle, a few other prominent investors are betting on this stock. Jim Simons’ fund recently upped its stakes by 7% and now owns 343,500 shares of the company, worth more than $4.5 million. Only one fund holds more shares than Simons´ fund: Constantinos J. Christofilis‘ Archon Capital Management, which owns 377,468 shares, which comprise more than 4% of its equity portfolio’s value. Others long on this company are Phil Frohlich (166,307 shares declared in his last 13F) and Josh Goldberg, who initiated a position in the stock over the last reported quarter, with 156,410 shares.
Disclosure: Javier Hasse holds no position in any stocks mentioned