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Investors like to follow the buying trends of institutional investors (which include hedge fund managers and mutual fund managers) because they have access to sophisticated research and a lot of experience in choosing investments. When a stock sees increased buying from institutional investors, it’s a signal to take a second look.

We ran a screen on the tech sector for stocks with 5-year projected EPS growth exceeding 20%. We screened these stocks for those with significant net institutional purchases over the current quarter.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these companies will see the high growth analysts are expecting? Use this list as a starting-off point for your own analysis.

List sorted by net institutional purchases as a percent of share float.

1. Renren Inc. American Depositary (NYSE:RENN): Operates a social networking Internet platform in China. Market cap of $739.42M. Estimated EPS growth over the next 5 years at 26.16%. Net institutional shares purchased over the current quarter at 50.2M, which is 28.73% of the company's 174.71M share float.

2. HomeAway, Inc. (NASDAQ:AWAY): Operates an online marketplace for the vacation rental industry. Market cap of $2.89B. Estimated EPS growth over the next 5 years at 39.19%. Net institutional shares purchased over the current quarter at 6.3M, which is 27.95% of the company's 22.54M share float.

3. Qlik Technologies, Inc. (NASDAQ:QLIK): Engages in the development, commercialization, and implementation of software products and related services that deliver data analysis and reporting solutions primarily in the Americas, and Europe. Market cap of $2.09B. Estimated EPS growth over the next 5 years at 38.33%. Net institutional shares purchased over the current quarter at 19.2M, which is 25.68% of the company's 74.78M share float. The stock has had a good month, gaining 12.86%.

4. hiSoft Technology International Ltd. (HSFT): Provides outsourced information technology (IT) and research and development services in North America, Europe, and Asia. Market cap of $317.62M. Estimated EPS growth over the next 5 years at 22.76%. Net institutional shares purchased over the current quarter at 5.4M, which is 25.58% of the company's 21.11M share float. The stock has lost 57.76% over the last year.

5. ShoreTel, Inc. (NASDAQ:SHOR): Provides Internet protocol (IP) telecommunications systems for enterprises in the United States. Market cap of $267.57M. Estimated EPS growth over the next 5 years at 22.50%. Net institutional shares purchased over the current quarter at 9.4M, which is 22.85% of the company's 41.14M share float. The stock has gained 4.66% over the last year.

6. Inphi Corporation (NYSE:IPHI): Operates as a fabless provider of high-speed analog semiconductor solutions for the communications and computing markets, providing high signal integrity at leading-edge data speeds that are designed to address bandwidth bottlenecks in networks, minimize latency in computing environments, and enable the rollout of next generation communications infrastructure. Market cap of $284.37M. Estimated EPS growth over the next 5 years at 27.50%. Net institutional shares purchased over the current quarter at 4.0M, which is 22.64% of the company's 17.67M share float. The stock has had a good month, gaining 14.18%.

7. Convio, Inc. (NASDAQ:CNVO): Provides on-demand constituent engagement solutions that enable nonprofit organizations (NPOs) to raise funds, advocate for change, and cultivate relationships with donors, activists, volunteers, alumni, and other constituents in North America. Market cap of $162.09M. Estimated EPS growth over the next 5 years at 20.50%. Net institutional shares purchased over the current quarter at 2.0M, which is 21.12% of the company's 9.47M share float. It's been a rough couple of days for the stock, losing 5.67% over the last week.

8. Glu Mobile, Inc. (NASDAQ:GLUU): Engages in the design, marketing, and sale of casual and traditional mobile games worldwide. Market cap of $186.95M. Estimated EPS growth over the next 5 years at 37.50%. Net institutional shares purchased over the current quarter at 7.9M, which is 17.60% of the company's 44.88M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.36). The stock has had a couple of great days, gaining 11.28% over the last week.

9. NetSuite Inc. (NYSE:N): Provides an on-demand integrated business management application suite to businesses and divisions of companies worldwide. Market cap of $2.30B. Estimated EPS growth over the next 5 years at 34.71%. Net institutional shares purchased over the current quarter at 3.9M, which is 16.02% of the company's 24.34M share float. The stock is a short squeeze candidate, with a short float at 12.82% (equivalent to 5.81 days of average volume). The stock has had a couple of great days, gaining 6.93% over the last week.

10. Healthstream Inc. (NASDAQ:HSTM): Provides Internet-based learning and research solutions in the United States. Market cap of $284.68M. Estimated EPS growth over the next 5 years at 23.0%. Net institutional shares purchased over the current quarter at 2.3M, which is 14.95% of the company's 15.38M share float. The stock has gained 109.61% over the last year.

11. Calix Inc. (NYSE:CALX): Communication Equipment Industry. Market cap of $407.78M. Estimated EPS growth over the next 5 years at 24.67%. Net institutional shares purchased over the current quarter at 4.4M, which is 14.31% of the company's 30.74M share float. The stock has performed poorly over the last month, losing 20.27%.

12. Take-Two Interactive Software Inc. (NASDAQ:TTWO): Develops, and distributes interactive entertainment software, hardware, and accessories worldwide. Market cap of $1.20B. Estimated EPS growth over the next 5 years at 22.50%. Net institutional shares purchased over the current quarter at 10.2M, which is 12.99% of the company's 78.54M share float. The stock is a short squeeze candidate, with a short float at 11.83% (equivalent to 5.98 days of average volume). The stock has gained 35.38% over the last year.

13. Isoftstone Holdings Limited (NYSE:ISS): Provides various information technology (IT) services and solutions in the Greater China and internationally. Market cap of $466.63M. Estimated EPS growth over the next 5 years at 38.0%. Net institutional shares purchased over the current quarter at 3.6M, which is 12.89% of the company's 27.92M share float. The stock is a short squeeze candidate, with a short float at 11.68% (equivalent to 14.92 days of average volume). The stock has performed poorly over the last month, losing 16.52%.

14. Aruba Networks, Inc. (NASDAQ:ARUN): Provides distributed enterprise networks that securely connect local and remote users to corporate information technology resources worldwide. Market cap of $2.35B. Estimated EPS growth over the next 5 years at 25.93%. Net institutional shares purchased over the current quarter at 12.6M, which is 12.71% of the company's 99.15M share float. The stock is a short squeeze candidate, with a short float at 22.52% (equivalent to 5.16 days of average volume). The stock has gained 13.9% over the last year.

15. Fundtech Ltd. (NASDAQ:FNDT): Provides end-to-end financial transaction processing software solutions for financial institutions in Israel and internationally. Market cap of $359.19M. Estimated EPS growth over the next 5 years at 22.50%. Net institutional shares purchased over the current quarter at 705.0K, which is 12.54% of the company's 5.62M share float. The stock has gained 67.32% over the last year.

16. Liquidity Services, Inc. (NASDAQ:LQDT): Operates an online auction marketplace for wholesale, surplus, and salvage assets primarily in the U. Market cap of $871.36M. Estimated EPS growth over the next 5 years at 26.75%. Net institutional shares purchased over the current quarter at 2.4M, which is 12.10% of the company's 19.84M share float. The stock has gained 83.27% over the last year.

17. Verint Systems Inc. (NASDAQ:VRNT): Provides actionable intelligence solutions and value-added services worldwide. Market cap of $1.08B. Estimated EPS growth over the next 5 years at 21.67%. Net institutional shares purchased over the current quarter at 2.2M, which is 11.11% of the company's 19.80M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.01). The stock is a short squeeze candidate, with a short float at 5.38% (equivalent to 7.91 days of average volume). The stock has lost 13.1% over the last year.

18. Synchronoss Technologies, Inc. (NASDAQ:SNCR): Provides on-demand transaction, content, and connectivity management platforms that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers, and e-Tailers/retailers with embedded connectivity primarily in North America. Market cap of $1.09B. Estimated EPS growth over the next 5 years at 24.0%. Net institutional shares purchased over the current quarter at 2.6M, which is 10.83% of the company's 24.01M share float. The stock is a short squeeze candidate, with a short float at 14.28% (equivalent to 11.47 days of average volume). The stock has had a couple of great days, gaining 10.12% over the last week.

19. CEVA Inc. (NASDAQ:CEVA): The company and its subsidiaries engage in designing and licensing silicon intellectual property (SIP) for the handsets, portable multimedia, and consumer electronics markets. Market cap of $582.41M. Estimated EPS growth over the next 5 years at 29.59%. Net institutional shares purchased over the current quarter at 2.3M, which is 10.65% of the company's 21.59M share float. The stock is a short squeeze candidate, with a short float at 13.57% (equivalent to 12.14 days of average volume). It's been a rough couple of days for the stock, losing 7.16% over the last week.

20. PLX Technology Inc. (NASDAQ:PLXT): Designs, develops, manufactures, and sells integrated circuits. Market cap of $133.17M. Estimated EPS growth over the next 5 years at 25.0%. Net institutional shares purchased over the current quarter at 2.9M, which is 10.62% of the company's 27.31M share float. The stock is a short squeeze candidate, with a short float at 6.24% (equivalent to 18.6 days of average volume). The stock has lost 29.65% over the last year.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 20 High-Growth Tech Stocks Being Bought Up By Smart Money