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Hedge Funds Hate Apple And 20 Other Tech Stocks

DAN CONNELLY, KAPITALL Apple’s (AAPL) stock price has taken a significant hit over the last few months. If you are at all familiar with the markets, then you must be well aware of this familiar refrain. However, new insights as to what fueled that decrease in share price are now becoming public, and it seems the  big names investors are to blame. 

Over the last few months of 2012, a number of prominent investors and hedge funds sold off huge chunks of their Apple stocks. Leon Cooperman, the patriarchal market figure who runs Omega Advisors, sold all of his shares in the fourth quarter of 2012 as well as his firm’s 266,000 shares. During the same time, Jana Partners completely divested itself of 143,000 shares. Finally, Thomas Steyer, who runs Farallon Capital, sold 137,000 shares.

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While developmental stagnation and sitting on a huge pile of cash may also be culprits for Apple’s poor showing over the recent period, divestments of this magnitude from such high profile investors certainly accelerated the drop in share price.  The stock price ended 2012 down 24% from its peak and has lost an additional 12% so far this year. The failure to utilize huge cash sums has caused additional consternation from investors. David Einhorn, who runs Greenlight Capital and has a $600 million stake in the Apple, is suing the company to spend their cash in hopes of halting the downward trend. 

Business Section: Investment Ideas

Are these prominent investors in the wrong for dumping Apple’s stock in such a dramatic fashion, or do they have some important insight as to where the share price is heading? Following that question, we have assembled a list of tech companies who have experienced trends of institutional selling in the current quarter, meaning professional investors are betting against their stock. We list the top 20 sold by percent of share float. List sorted by % of share float. 

List Average 1-Year Return: -8%.

1. Advanced Micro Devices, Inc. (AMD): Operates as a semiconductor company in the United States, Japan, China, and Europe. Market cap at $1.8B, most recent closing price at $2.53.  Net institutional sales in the current quarter at -120.1M shares, which represents about 23.07% of the company's float of 520.59M shares. 

2. Cymer Inc. (CYMI): Engages in the development, manufacture, and marketing of excimer light sources for the manufacturers of photolithography tools in the semiconductor equipment industry. Market cap at $3.05B, most recent closing price at $97.04.  Net institutional sales in the current quarter at -3.9M shares, which represents about 14.49% of the company's float of 26.92M shares. 

3. Synaptics Inc. (SYNA): Develops and supplies custom-designed human interface solutions that enable people to interact with various mobile computing, communications, entertainment, and other electronic devices. Market cap at $1.09B, most recent closing price at $33.78.  Net institutional sales in the current quarter at -4.6M shares, which represents about 14.48% of the company's float of 31.76M shares. 

4. AOL, Inc. (AOL): Operates as a Web services company that offers a suite of brands and offerings for the worldwide audience. Market cap at $2.83B, most recent closing price at $36.94.  Net institutional sales in the current quarter at -10.2M shares, which represents about 13.68% of the company's float of 74.57M shares. 

5. Celestica Inc. (CLS): Provides electronics manufacturing services and solutions to original equipment manufacturers (OEMs) in the consumer, communications, enterprise computing, industrial, aerospace and defense, healthcare, and green technology sectors in Asia, the Americas, and Europe. Market cap at $1.36B, most recent closing price at $8.28.  Net institutional sales in the current quarter at -21.2M shares, which represents about 13.45% of the company's float of 157.63M shares. 

6. GT Advanced Technologies Inc. (GTAT): Provides polysilicon production technology and multicrystalline ingot growth systems, and related photovoltaic (PV) manufacturing services for the solar industry worldwide. Market cap at $372.5M, most recent closing price at $3.13.  Net institutional sales in the current quarter at -15.2M shares, which represents about 12.9% of the company's float of 117.83M shares. 

7. Progress Software Corp. (PRGS): Operates as an enterprise software company worldwide. Market cap at $1.31B, most recent closing price at $22.57.  Net institutional sales in the current quarter at -6.0M shares, which represents about 12.4% of the company's float of 48.38M shares. 

8. Cirrus Logic Inc. (CRUS): Develops high-precision analog and mixed-signal integrated circuits (ICs). Market cap at $1.57B, most recent closing price at $24.46.  Net institutional sales in the current quarter at -7.5M shares, which represents about 11.73% of the company's float of 63.95M shares. 

9. Jabil Circuit Inc. (JBL): Provides electronic manufacturing services and solutions in the Americas, Europe, and Asia. Market cap at $3.76B, most recent closing price at $18.60.  Net institutional sales in the current quarter at -21.3M shares, which represents about 11.7% of the company's float of 182.10M shares. 

10. Morningstar Inc. (MORN): Provides independent investment research to investors worldwide. Market cap at $3.21B, most recent closing price at $68.03.  Net institutional sales in the current quarter at -2.4M shares, which represents about 11.6% of the company's float of 20.69M shares. 

11. Universal Display Corp. (PANL): Engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel display, solid-state lighting, and other product applications. Market cap at $1.33B, most recent closing price at $28.56.  Net institutional sales in the current quarter at -3.9M shares, which represents about 10.95% of the company's float of 35.61M shares. 

12. Marvell Technology Group Ltd. (MRVL): Designs, develops, and markets analog, mixed-signal, digital signal processing, and embedded and standalone ARM-based microprocessor integrated circuits. Market cap at $5.27B, most recent closing price at $9.85.  Net institutional sales in the current quarter at -40.6M shares, which represents about 10.69% of the company's float of 379.88M shares. 

13. Clearwire Corporation (CLWR): Provides wireless broadband services. Market cap at $4.6B, most recent closing price at $3.14.  Net institutional sales in the current quarter at -48.3M shares, which represents about 9.73% of the company's float of 496.61M shares. 

14. Allot Communications Ltd. (ALLT): Engages in developing, selling, and marketing Internet protocol service optimization solutions in Europe, the Middle East, Africa, the Americas, Asia, and Oceania. Market cap at $461.6M, most recent closing price at $14.58.  Net institutional sales in the current quarter at -2.5M shares, which represents about 9.38% of the company's float of 26.66M shares. 

15. MicroStrategy Inc. (MSTR): Provides business intelligence (BI) software worldwide. Market cap at $1.12B, most recent closing price at $99.09.  Net institutional sales in the current quarter at -693.3K shares, which represents about 8.53% of the company's float of 8.13M shares. 

16. PMC-Sierra Inc. (PMCS): Engages in the design, development, marketing, and support of semiconductor solutions for the enterprise infrastructure and communications infrastructure markets. Market cap at $1.29B, most recent closing price at $6.42.  Net institutional sales in the current quarter at -15.4M shares, which represents about 8.52% of the company's float of 180.67M shares. 

17. Dolby Laboratories, Inc. (DLB): Develops and delivers products and technologies for the entertainment industry worldwide. Market cap at $3.22B, most recent closing price at $31.71.  Net institutional sales in the current quarter at -3.8M shares, which represents about 8.28% of the company's float of 45.91M shares. 

18. DTS Inc. (DTSI): Provides entertainment technologies that are incorporated into various entertainment products worldwide. Market cap at $368.98M, most recent closing price at $19.70.  Net institutional sales in the current quarter at -1.4M shares, which represents about 7.91% of the company's float of 17.69M shares. 

19. ServiceSource Corporation (SREV): Provides service revenue management solutions that drive renewals of maintenance, support, and subscription agreements for technology companies. Market cap at $469.23M, most recent closing price at $6.21.  Net institutional sales in the current quarter at -3.9M shares, which represents about 7.6% of the company's float of 51.33M shares. 

20. Shanda Games Limited (GAME): Engages in the development and operation of online games in the People's Republic of China. Market cap at $824.56M, most recent closing price at $3.01.  Net institutional sales in the current quarter at -4.5M shares, which represents about 7.57% of the company's float of 59.44M shares. 

 

Written by Kapitall's Dan Connelly.

 

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