Is Broadcom Corporation (NASDAQ:BRCM) a bargain? Money managers are reducing their bets on the stock. The number of bullish hedge fund bets were trimmed by 8 lately.
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Now, we’re going to take a glance at the recent action surrounding Broadcom Corporation (NASDAQ:BRCM).
What does the smart money think about Broadcom Corporation (NASDAQ:BRCM)?
At Q1’s end, a total of 31 of the hedge funds we track were bullish in this stock, a change of -21% from the previous quarter. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were increasing their holdings considerably.
When looking at the hedgies we track, Citadel Investment Group, managed by Ken Griffin, holds the most valuable position in Broadcom Corporation (NASDAQ:BRCM). Citadel Investment Group has a $244.4 million position in the stock, comprising 0.4% of its 13F portfolio. On Citadel Investment Group’s heels is Coatue Management, managed by Philippe Laffont, which held a $225.8 million position; the fund has 2.8% of its 13F portfolio invested in the stock. Other hedgies that are bullish include David Tepper’s Appaloosa Management LP, Jim Simons’s Renaissance Technologies and Steven Cohen’s SAC Capital Advisors.
Seeing as Broadcom Corporation (NASDAQ:BRCM) has witnessed bearish sentiment from hedge fund managers, it’s easy to see that there lies a certain “tier” of funds who sold off their positions entirely at the end of the first quarter. Intriguingly, Matthew Tewksbury’s Stevens Capital Management dumped the largest investment of the 450+ funds we watch, totaling an estimated $21.5 million in stock.. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also sold off its stock, about $16 million worth. These bearish behaviors are interesting, as total hedge fund interest fell by 8 funds at the end of the first quarter.
Insider trading activity in Broadcom Corporation (NASDAQ:BRCM)
Insider trading activity, especially when it’s bullish, is particularly usable when the company in focus has seen transactions within the past half-year. Over the latest 180-day time period, Broadcom Corporation (NASDAQ:BRCM) has seen zero unique insiders buying, and 10 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Broadcom Corporation (NASDAQ:BRCM). These stocks are Skyworks Solutions Inc (NASDAQ:SWKS), Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), Marvell Technology Group Ltd. (NASDAQ:MRVL), Xilinx, Inc. (NASDAQ:XLNX), and Analog Devices, Inc. (NASDAQ:ADI). This group of stocks are the members of the semiconductor – integrated circuits industry and their market caps are similar to BRCM’s market cap.