On Friday, the stock market is trading in the red following the release of U.S. jobs data, which showed that employers added 151,000 jobs in January, lower than the estimates of 190,000. However, the unemployment rate fell 100 basis points to 4.9% in January and was the lowest rate since February 2008. In this article, we’ll take a look at some of the stocks that have plunged today, including Tableau Software Inc (NYSE:DATA), LinkedIn Corp (NYSE:LNKD), Hess Corp. (NYSE:HES), Linn Energy LLC (NASDAQ:LINE), and Genworth Financial Inc (NYSE:GNW). In addition to looking at the developments that sent these stocks lower, we will see the hedge fund sentiment towards these stocks.
While there are many metrics that investors can assess in the investment process, hedge fund sentiment is something that is often overlooked. However, hedge funds and other institutional investors allocate significant resources while making their bets and their long-term focus makes them the perfect investors to emulate. This is supported by our research, which determined that following the small-cap stocks that hedge funds are collectively bullish on can help a smaller investor beat the S&P 500 by around 95 basis points per month (see more details here).
Back to Friday’s losers, we’ve got Tableau Software Inc (NYSE:DATA), whose shares are 46% in the morning session on the back of the company posting its financial results for the fourth quarter and full 2015. For the quarter, Tableau Software reported revenue growth of 42% on the year to $202.8 million, while its profit advanced to $0.33 per share. Moreover, the results exceeded the analysts’ profit estimates by $0.17 and beat revenue expectations by $2.03 million. However, the stock plunged due to weaker-than-expected guidance provided for the current quarter, which included a loss per share in the range of $0.08 to $0.12 and revenue between $160 million and $165 million. For the full fiscal 2016, Tableau Software’s outlook includes revenue of $830 million to $850 million (down from its previous guidance of $845 to $865 million) and EPS between $0.22 and $0.35. Both figures are below the Street’s expectations of $871.5 million and $0.62, respectively.
During the third quarter, Tableau Software Inc (NYSE:DATA) registered an increase in popularity among the funds we track, with 45 investors holding long positions at the end of the third quarter, versus 39 funds a quarter earlier and they amassed only 20.2% of the float at the end of September. David Goel and Paul Ferri‘s Matrix Capital Management was the largest shareholder with 2.91 million shares, valued at $231.76 million at the end of September.
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