Maverick Capital’s Largest New Positions: EMC Corporation (EMC), Crown Castle International Corp. (CCI), Fidelity National Information Services (FIS)

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FleetCor Technologies, Inc. (NYSE:FLT) took the number four spot in terms of large purchases for Maverick; the fund initiated an almost $100mm position as indicated by its last 13F filing. The commercial payments solution provider nearly doubled in value in the past twelve months; it has grown 31% since the start of this year alone (note that a good portion of that move occurred after the company’s Q4 earnings beat in February). Sell-side analysts are seeing the stock in an overheated zone, as their valuations a year out are lower than where there the stock is currently trading. JP Morgan recently downgraded the stock in January, bumping it from Overweight to Neutral. Billionaire Jim Simons of Renaissance Technologies cut his position by more than half towards the end of 2012 (view his other holdings here).

F5 Networks, Inc. (NASDAQ:FFIV) develops solutions for managing network traffic, a space that has some stiff existing competition (think Cisco Systems and Juniper Networks). Despite disappointing share performance in the recent past, Wall Street has lofty price targets for FFIV, including one at the $120 mark from Goldman Sachs. The average target of analysts’ sits at a slightly more modest $114, which would mean a hefty return on Maverick’s $84mm investment. Despite delivering a miss with its Q1 2013 earnings announcement in January, FFIV had increased revenues and gross profit year over year. Steven Cohen of SAC Capital Advisors more than doubled his position from Q3 2012 to Q4 (see the fund’s top five picks here).

Disclosure: I do not own shares of any stocks mentioned in this article.

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