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Five Stocks Tiger Global Grew Bearish on Last Quarter

Pure Storage Inc (NYSE:PSTG)

– Shares Owned by Tiger Global Management (as of June 30): 1 million

– Value of Tiger Global Management’s Holding (as of June 30): $10.9 million

Tiger Global sold over 4.24 million shares of Pure Storage Inc (NYSE:PSTG) in the second quarter, unloading 80% of the company’s shares from its portfolio. Last week, the California-based data storage company reported second-quarter adjusted loss of $0.16 per share, better than the average analyst estimate of $0.23, while revenue of $163.2 million was above analysts’ forecasts of $155.14 million. For the fiscal 2017 third quarter, Pure Storage Inc (NYSE:PSTG) sees its revenue in the range of $187 million to $195 million, versus the consensus estimate of $190.7 million. The stock has lost over 24% in value so far this year. From our system, 14 funds were positioned in Pure Storage Inc (NYSE:PSTG) at the end of the second quarter. The total value of these positions is about $101.75 million

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Square Inc (NYSE:SQ)

– Shares Owned by Tiger Global Management (as of June 30): 1.18 million

– Value of Tiger Global Management’s Holding (as of June 30): $10.699 million

Tiger Global turned bearish on the San Francisco-based payment processing company during the second quarter, selling around 81% of its stake, and ending the quarter with 1.18 million shares of the company, which account for 0.21% of the fund’s total portfolio. BTIG recently downgraded Square Inc (NYSE:SQ) to ‘Neutral’ from ‘Buy’. The company posted a second-quarter loss of $0.08 per share, narrower than the excepted $0.11, while revenue of $439 million was above the forecasts of $406.93 million. Out of the total funds tracked by Insider Monkey, 16 funds owned $107.23 million worth of Square Inc (NYSE:SQ) shares  heading into the third quarter.

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Netflix, Inc. (NASDAQ:NFLX)

Tiger Global dumped all 17.99 million shares of Netflix, Inc. (NASDAQ:NFLX) it held at the end of March, closing its position in the media streaming company. William Blair & Company has recently upgraded Netflix, Inc. (NASDAQ:NFLX) to ‘Outperform’ from ‘Market Perform’, adding that Netflix has a 50% upside potential. Last month, Netflix Inc (NASDAQ:NFLX) said that it had added 1.7 million new streaming customers in the three months ended June 30, significantly lower than the estimates of 2.5 million. For the third quarter, Netflix expects to add another 2 million new subscribers, also well below analysts’ expectations of 2.54 million. With ownership of 10.20 million shares, Karthik Sarma’s SRS Investment is one of the 54 funds in our database that have stakes in Netflix, Inc. (NASDAQ:NFLX) as of the end of the second quarter.

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Disclosure: none

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