The most crowded longs and shorts in hardware & telecom equipment – Jefferies

Investor positioning in hardware and telecommunications equipment (XTL), (BATS:IYZ), (HBGD:CA) remains largely steady, up 17% quarter-over-quarter, according to Jefferies’ TMT October positioning survey.

Positioning is just 1 percentage point lower than last quarter.

Arista Networks (ANET) remains the most crowded long, followed by Coherent Corp. (COHR), which are up 78% and 139% year-to-date respectively. Coherent saw a notable uptick in crowding score, going from ninth place to second.

Also, new to the top 10 list are Ciena Corp. (CIEN) and Cisco Systems (CSCO).

Lastly, server names – including Dell Technologies (DELL), Super Micro Computer (SMCI), and Hewlett Packard Enterprise (HPE) – saw notable downticks compared to last quarter, said Michael Toomey, head of TMT Equities Trading at Jefferies.

Crowded longs:

1. Arista Networks (ANET)
2. Coherent (COHR)
3. Dell Technologies (DELL)
4. Ciena Corp. (CIEN)
5. Cisco Systems (CSCO)
6. Super Micro Computer (SMCI)
7. Corning Inc. (GLW)
8. NetApp (NTAP)
9. Pure Storage (PSTG)
10. Western Digital Corp. (WDC)

Crowded shorts:

1. Super Micro Computer (SMCI)
2. Dell Technologies (DELL)
3. Cisco Systems (CSCO)
4. HP Inc. (HPQ)
5. Hewlett Packard Enterprise Co. (HPE)
6. Ciena Corp. (CIEN)
7. Fabrinet (FN)
8. Jabil Inc. (JBL)
9. Lumentum Holdings (LITE)
10. Pure Storage (PSTG)