Concur Technologies, Inc. (CNQR): Insiders Aren’t Crazy About It But Hedge Funds Love It

What's a smart Concur Technologies, Inc. (NASDAQ:CNQR) investor to do?


In the eyes of many of your peers, hedge funds are perceived as overrated, old investment vehicles of a forgotten age. Although there are over 8,000 hedge funds trading today, Insider Monkey focuses on the elite of this club, close to 525 funds. It is widely held that this group controls the lion's share of the hedge fund industry's total capital, and by monitoring their best picks, we've unsheathed a number of investment strategies that have historically outstripped the market. Our small-cap hedge fund strategy beat the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we've began to sharing our picks with our subscribers at the end of August 2012, we have topped the S&P 500 index by 33 percentage points in 11 months (explore the details and some picks here).


Equally as necessary, positive insider trading sentiment is a second way to analyze the stock market universe. There are a variety of reasons for a bullish insider to cut shares of his or her company, but just one, very clear reason why they would buy. Plenty of empirical studies have demonstrated the useful potential of this tactic if "monkeys" understand where to look (learn more here).


Furthermore, it's important to discuss the latest info surrounding Concur Technologies, Inc. (NASDAQ:CNQR).


What have hedge funds been doing with Concur Technologies, Inc. (NASDAQ:CNQR)?


At the end of the second quarter, a total of 15 of the hedge funds we track held long positions in this stock, a change of 50% from the previous quarter. With hedgies' capital changing hands, there exists a few notable hedge fund managers who were increasing their holdings considerably.


Concur Technologies, Inc. (NASDAQ:CNQR)Out of the hedge funds we follow, D. E. Shaw's D E Shaw had the most valuable position in Concur Technologies, Inc. (NASDAQ:CNQR), worth close to $13.2 million, comprising less than 0.1%% of its total 13F portfolio. Coming in second is Andrew Sandler of Sandler Capital Management, with a $13 million call position; the fund has 0.5% of its 13F portfolio invested in the stock. Other hedge funds that hold long positions include Brian Ashford-Russell and Tim Woolley's Polar Capital, Ron Gutfleish's Elm Ridge Capital and Drew Cupps's Cupps Capital Management.


Now, particular hedge funds have jumped into Concur Technologies, Inc. (NASDAQ:CNQR) headfirst. D E Shaw, managed by D. E. Shaw, assembled the largest position in Concur Technologies, Inc. (NASDAQ:CNQR). D E Shaw had 13.2 million invested in the company at the end of the quarter. Andrew Sandler's Sandler Capital Management also made a $13 million investment in the stock during the quarter. The other funds with brand new CNQR positions are Brian Ashford-Russell and Tim Woolley's Polar Capital, Ron Gutfleish's Elm Ridge Capital, and Drew Cupps's Cupps Capital Management.


What have insiders been doing with Concur Technologies, Inc. (NASDAQ:CNQR)?


Insider buying is particularly usable when the company we're looking at has seen transactions within the past 180 days. Over the latest half-year time period, Concur Technologies, Inc. (NASDAQ:CNQR) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).


We'll also take a look at the relationship between both of these indicators in other stocks similar to Concur Technologies, Inc. (NASDAQ:CNQR). These stocks are ANSYS, Inc. (NASDAQ:ANSS), ACI Worldwide Inc (NASDAQ:ACIW), Mentor Graphics Corp (NASDAQ:MENT), PTC Inc (NASDAQ:PMTC), and National Instruments Corp (NASDAQ:NATI). This group of stocks are the members of the technical & system software industry and their market caps are similar to CNQR's market cap.

Company Name
# of Hedge Funds
# of Insiders Buying
# of Insiders Selling

ANSYS, Inc. (NASDAQ:ANSS)
12
0
0

ACI Worldwide Inc (NASDAQ:ACIW)
17
0
0

Mentor Graphics Corp (NASDAQ:MENT)
16
0
0

PTC Inc (NASDAQ:PMTC)
11
0
0

National Instruments Corp (NASDAQ:NATI)
8
0
0

Using the returns demonstrated by the previously mentioned research, average investors should always track hedge fund and insider trading sentiment, and Concur Technologies, Inc. (NASDAQ:CNQR) is an important part of this process.


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