Qlik Technologies Inc (QLIK) Shares Rise On Software Partnership, Higher Revenue Guidance

What have hedge funds been doing with Qlik Technologies Inc (NASDAQ:QLIK)?

Heading into the second quarter, a total of 35 of the hedge funds tracked by Insider Monkey were long in this stock, an increase of four from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a select group of key hedge fund managers who were upping their holdings considerably.

According to hedge fund intelligence website Insider Monkey, Cadian Capital, managed by Eric Bannasch, holds the most valuable position in Qlik Technologies Inc (NASDAQ:QLIK). Cadian Capital has a $257.5 million position in the stock with 8.27 million shares, comprising 6.9% of its 13F portfolio. The second-largest stake is held by Kerr Neilson of Platinum Asset Management; a $162.4 million position of 5.22 million shares; the fund has 3.2% of its 13F portfolio invested in the stock. Other hedge funds that hold long positions encompass Christopher Zepf and Brian Thonn’s Kingdom Ridge Capital, Ken Griffin’s Citadel Investment Group, and Israel Englander’s Millennium Management.

As one would reasonably expect, key hedge funds were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, initiated the most valuable position in Qlik Technologies Inc (NASDAQ:QLIK). Renaissance Technologies had $36.1 million invested in the company at the end of the quarter. Daniel S. Och’s OZ Management also held a $13.1 million investment in the stock at the end of the quarter. The other funds with brand new Qlik positions are Gregory A. Weaver’s Invicta Capital Management, and Wojciech Uzdelewicz’s Espalier Global Management.

This partnership will further boost the clientele of the company and open new revenue streams in the upcoming quarters. Along with improving financials and bullish smart money sentiment, we recommend a buy for the shares of Qlik Technologies.

Disclosure: None