Seeking Alpha
Newsletter provider, fund holdings, insider ownership
Profile| Send Message|
( followers)  

Insider Monkey tracks over 300 hedge funds. These hedge funds devote significant resources to researching stocks. Sometimes they even cross the line and try to obtain material non-public information before investing. Corporate insiders have material non-public information and they sometimes trade based on such information. Other times they have an edge because they know their companies and industries better than almost all other investors. We believe that by imitating the stock picks of these smartest investors in the world, investors are more likely to beat the market in the long term.

Below we compiled a list of technology stocks both insiders and hedge funds are bullish about. All stocks were purchased by at least two insiders over the past three months and were held by at least 16 hedge funds tracked by us.

Ticker

Company

YTD Return

No. of Insiders

No. of HF

CLWR

Clearwire Corporation

-63.11%

3

17

FSLR

First Solar, Inc.

-63.46%

3

16

GLW

Corning Inc.

-22.29%

2

36

CDNS

Cadence Design Systems Inc.

36.80%

2

24

IRM

Iron Mountain Inc.

23.69%

2

23

WFR

MEMC Electronic Materials Inc.

-56.75%

2

18

Clearwire Corporation (CLWR): Clearwire provides 4G wireless broadband services. CLWR was held by 17 hedge funds at the end of June and was purchased by 3 insiders over the past three months. On October 7, director of Clearwire, William Blessing purchased 10,000 shares of CLWR at $1.7. Earlier in August, two other directors Jose Collazo and John Stanton purchased 72,000 and 275,500 shares respectively at prices ranging from $1.78 to $2.75 per share. The stock is now trading at $1.85. It has a market cap of $1.74B and lost 63.11% since the beginning of this year. Over the second quarter, John Brennan’s Sirios Capital Management initiated a brand new $32 million CLWR.

First Solar, Inc. (NASDAQ:FSLR): First Solar manufactures and sells solar modules with an advanced thin-film semiconductor technology. FSLR was held by 16 hedge funds at the end of June and was purchased by 3 insiders over the past three months. On November 7, Jose Villarreal bought 1,000 shares at $47.98. Prior to that, Mark Widmanr and T.L. Kallenbach bought 2,000 shares in total at around $90 in late August. The stock is now trading at $46.07. It has a market cap of $4.1B, a P/E ratio of 7.82, and lost 63.46% since the beginning of this year. Lee Ainslie had $325 million of FSLR shares.

Corning Inc. (NYSE:GLW): Corning is a technology-based company. GLW was held by 36 hedge funds at the end of June and was purchased by 2 insiders over the past three months. John Canning bought 30,000 shares at $15.4 on October 27. Prior to that, James Flaws, another director at Corning, bought 10,000 shares at $13.7697 on August 11 and 65,000 shares at $13.4868 on August 10. The stock is now trading at $14.45. It has a market cap of $23.4B, a P/E ratio of 7.06, and lost 22.29% since the beginning of this year. Lee Ainslie invested $425 million in GLW stocks.

Cadence Design Systems Inc. (NASDAQ:CDNS): Cadence develops electronic design automation, software, hardware, and silicon intellectual property. CDNS was held by 24 hedge funds at the end of June and was purchased by 2 insiders over the past three months. Lip Tan bought 10,000 shares at $8.42 on August 19. Tan bought another 10,000 shares at $9.4 on August 4 and 20,000 shares at $9.975 on August 2. Geoffrey Ribar also bought 5,000 shares at $8.799 on August 8. The stock is now trading at $11.1. It has a market cap of $3.1B, a P/E ratio of 141.25, and returned 36.80% since the beginning of this year. Mariko Gordon had $66 million of CDNS stocks.

Iron Mountain Inc. (NYSE:IRM): Iron Mountain is an information management services company.IRM was held by 23 hedge funds at the end of June and was purchased by 2 insiders over the past three months. Alfred Verrecchia, director at Iron Mountain, bought 4,000 shares at $30.9526 on September 6. Prior to that, Ricahrd Reese, another director of the company, purchased 257,300 shares at $31.09 on August 12. The stock is now trading at $29.65. It has a market cap of $6.1B, a P/E ratio of 29.4, and returned 23.69% since the beginning of this year. Eric Mindich’s Eton Park Capital had $64 million invested in the stock.

MEMC Electronic Materials Inc. (WFR): MEMC Electronic Materials, Inc. is engaged in the development, manufacture, and sale of silicon wafers. WFR was held by 18 hedge funds at the end of June and was purchased by 2 insiders over the past three months. Robert Boehlke, director at MEMC, bought 15,000 shares at $6.05 on August 18. Another director, Marshall Turner, also purchased 15,000 shares in total at prices ranging from $6.06 to $6.09 on August 10. The stock is now trading at $4.7. It has a market cap of $1.1B and lost 56.75% since the beginning of this year. Martin Whitman had $27 million invested in WFR shares.

Source: Insiders And Hedge Funds Are Crazy About These Tech Stocks