Hedge fund activity in Facebook Inc (NASDAQ:FB)
By the end of the first quarter of 2015, a total of 129 of the hedge funds tracked by Insider Monkey were long in this stock, a change of 9% from the previous quarter. In terms of total value of holdings, however, hedge funds tracked by Insider Monkey reduced their total holdings to $7.09 billion by the end of the first quarter of 2015 from $7.9 billion at the end of the last quarter of 2014, despite a share price increase of 5.67% during the quarter. This does represent some bearishness, suggesting funds collectively sold off about 15% of their Facebook shares despite more funds having positions in the stock.
When looking at the hedge funds followed by Insider Monkey, Lone Pine Capital, managed by Stephen Mandel, holds the most valuable position in Facebook Inc (NASDAQ:FB). Lone Pine Capital has a $666.5 million position in the stock, comprising 2.5% of its 13F portfolio. On Lone Pine Capital’s heels is Philippe Laffont of Coatue Management, with a $650.2 million position. The fund has 6.2% of its 13F portfolio invested in the stock. Other hedgies that hold long positions consist of D. E. Shaw’s D E Shaw, Israel Englander’s Millennium Management, and Phill Gross and Robert Atchinson’s Adage Capital Management.
Furthermore, Renaissance Technologies, managed by Jim Simons, initiated the biggest position in Facebook Inc (NASDAQ:FB) during the first quarter of this year. Renaissance Technologies had $217.6 million invested in the company at the end of the quarter. Robert Pohly’s Samlyn Capital also initiated a $74.5 million position during the quarter, while Alex Sacerdote’s Whale Rock Capital Management, Rob Citrone’s Discovery Capital Management, and Glen Kacher’s Light Street Capital all opened new positions of their own.
With the very positive outlook reiterated by RBC Capital Markets and Piper Jaffray along with confidence from more and more hedge funds going long in this stock, we think it’s time to be long on Facebook Inc (NASDAQ:FB) also.