Piper Jaffray Companies (NYSE:PJC) was in 12 hedge funds’ portfolio at the end of March. PJC shareholders have witnessed an increase in hedge fund interest lately. There were 11 hedge funds in our database with PJC holdings at the end of the previous quarter.
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Just as beneficial, bullish insider trading sentiment is another way to parse down the marketplace. Just as you’d expect, there are plenty of stimuli for an insider to get rid of shares of his or her company, but only one, very simple reason why they would initiate a purchase. Several empirical studies have demonstrated the valuable potential of this tactic if shareholders understand where to look (learn more here).
With all of this in mind, let’s take a look at the latest action surrounding Piper Jaffray Companies (NYSE:PJC).
What have hedge funds been doing with Piper Jaffray Companies (NYSE:PJC)?
Heading into Q2, a total of 12 of the hedge funds we track held long positions in this stock, a change of 9% from one quarter earlier. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were increasing their stakes significantly.
Of the funds we track, Royce & Associates, managed by Chuck Royce, holds the most valuable position in Piper Jaffray Companies (NYSE:PJC). Royce & Associates has a $14.9 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Coming in second is Cliff Asness of AQR Capital Management, with a $7.2 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Some other peers that are bullish include Jim Simons’s Renaissance Technologies, Israel Englander’s Millennium Management and Ken Griffin’s Citadel Investment Group.
As industrywide interest jumped, key hedge funds were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, established the largest position in Piper Jaffray Companies (NYSE:PJC). Renaissance Technologies had 4.4 million invested in the company at the end of the quarter. D. E. Shaw’s D E Shaw also made a $1.1 million investment in the stock during the quarter. The other funds with new positions in the stock are David Costen Haley’s HBK Investments, Paul Tudor Jones’s Tudor Investment Corp, and Matthew Tewksbury’s Stevens Capital Management.
What have insiders been doing with Piper Jaffray Companies (NYSE:PJC)?
Insider purchases made by high-level executives is most useful when the primary stock in question has seen transactions within the past 180 days. Over the last six-month time period, Piper Jaffray Companies (NYSE:PJC) has experienced zero unique insiders purchasing, and 3 insider sales (see the details of insider trades here).
Let’s also examine hedge fund and insider activity in other stocks similar to Piper Jaffray Companies (NYSE:PJC). These stocks are GFI Group Inc. (NYSE:GFIG), Medley Capital Corp (NYSE:MCC), FXCM Inc (NYSE:FXCM), Interactive Brokers Group, Inc. (NASDAQ:IBKR), and BGC Partners, Inc. (NASDAQ:BGCP). This group of stocks are in the investment brokerage – national industry and their market caps are closest to PJC’s market cap.