Oracle Corporation (ORCL) Drops On Miss: Is It A Good Buy Now?

What have hedge funds been doing with Oracle Corporation (NASDAQ:ORCL)?

At the end of the first quarter, a total of 59 of the hedge funds tracked by Insider Monkey were long in this stock, a change of -5% from the fourth quarter.

Of the funds tracked by Insider Monkey, Boykin Curry’s Eagle Capital Management holds the number one position in Oracle Corporation (NASDAQ:ORCL). Eagle Capital Management has a $1.93 billion position in the stock, making up 7.2% of its 13F portfolio. The second largest stake is held by Donald Yacktman’s Yacktman Asset Management which held a $1.51 billion position or 7% of the firm’s 13F portfolio.

As data from Insider Monkey reveals negative sentiment of Oracle Corporation (NASDAQ:ORCL) it follows that some hedge funds have opted to unload their entire stakes at the end of the first quarter. Noteworthy is Jim Simons’s Renaissance Technologies which dumped the largest position of the 700 funds followed by Insider Monkey, valued at close to $56.4 million in stock. Michael Messner’s Seminole Capital also sold its stake in the stock as the fund cut about $26.7 million of shares. These moves are interesting, as aggregate hedge fund interest fell by 3 funds at the end of the first quarter.

From the quarterly performance miss and the overall negative change in hedge fund sentiment on the company, we wouldn’t recommend going long on Oracle Corporation (NYSE:ORCL).