#2. Quantum Corp (NYSE:QTM)
– Hedge Funds with Long Positions (as of June 30): 15
– Value of Hedge Funds’ Holdings (as of June 30): $26.09 Million
The number of hedge fund vehicles invested in Quantum Corp (NYSE:QTM) increased to 15 from 13 during the second quarter, whereas the aggregate value of their stakes in the company decreased by 29% quarter-on-quarter to $26.09 million. The 29%-decrease was mainly attributable to a decline of 31% in the value of Quantum shares. The shares of the expert in scale-out storage, archive and data protection are 18% in the red thus far in 2016. The company reported total revenue of $116.3 million for the fiscal quarter of fiscal 2017 that ended June 30, an increase of $5.4 million year-over-year. The increase in Quantum’s top line was mainly driven by increased revenue from disk backup systems, devices and media and scale-out storage solutions, partly offset by lower revenue from service and royalty. Jeffrey Smith’s Starboard Value LP had a whopping 19.97 million shares of Quantum Corp (NYSE:QTM) in its portfolio at the end of the June quarter.
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