FireEye Inc (FEYE) Slips Despite Solid Q2 As CFO Departs: Do Hedge Funds Like FireEye?

What have hedge funds been doing with FireEye Inc (NASDAQ:FEYE)?

According to hedge fund experts at Insider Monkey, Karthik Sarma‘s SRS Investment Management had the largest position in FireEye Inc (NASDAQ:FEYE), worth close to $127.6 million and made up of 3.25 million shares, corresponding to 5% of its total 13F portfolio. The second-largest stake was held by JAT Capital Management, led by John Thaler, which held a $68.1 million position in 1.74 million shares; the fund had 1.8% of its 13F portfolio invested in the stock. Other peers with similar optimism contained Jim Simons’ Renaissance Technologies, John Burbank’s Passport Capital, and Frank Slattery’s Symmetry Peak Management.

Moreover, some big names jumped into FireEye Inc (NASDAQ:FEYE) headfirst in the first quarter. The aforementioned JAT Capital Management, managed by John Thaler bought its $68.1 million position in FireEye Inc (NASDAQ:FEYE) in the first quarter. Jim Simons’ Renaissance Technologies also bought its 1.17 million shares, a $46.1 million investment in the stock, during the quarter. The other funds with new positions in the stock are the previously mentioned Passport Capital, a\long with Sanford J. Colen’s Apex Capital, and Daniel Benton’s Andor Capital Management.

To recap, the firm is guiding in-line with Wall Street expectations for the third quarter and full fiscal year, posted a better-than-expected second quarter, and experienced bullish sentiment from hedge funds in the first quarter. Adding the perception that the firm’s technology is superior to its rivals in the cybersecurity industry, which is expected to only grow as the world becomes more web-connected, we recommend a long position in FireEye Inc (NASDAQ:FEYE).

Disclosure: None