Contrasting Investor Moves
Granite Trims Portfolio Across Tech, Biotech Firms as Other Investors Show Increased Interest
Anonymous
Key Points
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Cushman & Wakefield saw heightened activity from other institutional investors in Q1, with Y Intercept Hong Kong Ltd boosting its stake by 173.3% to 184,497 shares, Personal CFO Solutions LLC increasing to 16,326 shares (up 11.2%), and Peregrine Capital Management LLC rising to 342,711 shares after adding 5,328 shares in the last quarter.
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Veracyte's investor base included notable name changes beyond Granite, as First Trust Advisors LP boosted its Veracyte stake by 23.6% to 1,324,965 shares.
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Ligand Pharmaceuticals attracted additional involvement from other funds, with 1492 Capital Management LLC increasing its stake by 4.4% in the first quarter.
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DigitalOcean drew fresh analyst attention, with Citi raising its price target to 185 and Canaccord Genuity Group reiterating a Buy with a 200 target; Citizens Jmp also lifted its objective from 83 to 105.
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nLight's ownership base showed notable activity among other institutional investors, including Osaic Holdings Inc. increasing to 1,835 shares (up 1,599.1%), Sunbelt Securities Inc. rising to 1,014 shares (up 7,142.9%), EverSource Wealth Advisors LLC increasing to 1,062 shares (up 155.9%), and Wexford Capital LP initiating a new stake, with overall institutional ownership at about 83.88%.
Granite Investment Partners LLC cut its stakes in five companies during the first quarter of 2026, trimming positions in Cushman & Wakefield, Veracyte, Ligand Pharmaceuticals, DigitalOcean, and nLight, according to Watchlist News and Ticker Report. The biggest cut was an 18.2% reduction in DigitalOcean, leaving the firm with 168,311 shares, while Veracyte fell 14.9% to 298,589 shares.
The El Segundo, California-based firm manages roughly $1.8 to $2.4 billion in assets. Its Q1 moves look less like a loss of faith in these companies and more like classic profit-taking and risk management — because other big investors were buying into many of the same names at the same time.
DigitalOcean Draws Analyst Upgrades as Granite Pulls Back
Granite trimmed its DigitalOcean position by 18.2%, but Wall Street analysts moved in the opposite direction. Citi raised its price target on the stock to $185. Canaccord Genuity analyst Kingsley Crane kept a Buy rating with a $200 target — the highest on Wall Street. Citizens JMP lifted its target from $83 to $105, according to Ticker Report.
DigitalOcean raised $800 million in a new share offering in late March to pay down debt. The company posted strong Q1 earnings in early May, and analysts expect Q2 revenue to jump 29% year over year. The stock has transformed from a niche cloud provider into an AI infrastructure play for small and mid-sized businesses.
Other Big Funds Snapped Up Cushman and Veracyte Shares
While Granite cut its Cushman & Wakefield stake by 6.2% to 660,430 shares, other institutions were buying aggressively. Y Intercept Hong Kong Ltd boosted its Cushman position by 173.3% to 184,497 shares. Peregrine Capital Management also added shares, growing to 342,711 total, according to Watchlist News. Cushman beat Q1 earnings estimates, delivering $0.15 per share versus a $0.12 forecast.
Veracyte saw similar divergence. Granite cut its stake by 14.9% to 298,589 shares. But First Trust Advisors LP went the other way, boosting its Veracyte position by 23.6% to 1,324,965 shares — a stake worth roughly $45 million. Veracyte grew revenue 21.5% year over year, and in June it launched two major cancer tests: a TrueMRD bladder cancer test with new Medicare coverage, and a Prosigna breast cancer risk test.
Insiders at Cushman and Veracyte Sold Shares in June
Two corporate insiders sold shares in early June. Cushman & Wakefield Executive Vice President Nathaniel Robinson sold 24,828 shares at $13.25 each, taking in about $329,000. Veracyte Chief Commercial Officer John Leite sold 13,975 shares at prices between $50.00 and $50.30, collecting roughly $700,000, according to Watchlist News.
Both sales were made under pre-set Rule 10b5-1 trading plans — legal agreements where executives lock in sale terms months in advance. That means the sales were scheduled long before they happened and do not signal last-minute concern about the companies. Wall Street keeps a
nLight and Ligand Round Out Granite's Selective Trimming
Granite cut its nLight stake by 5.1% to 177,359 shares and reduced Ligand Pharmaceuticals by 6.5% to 54,155 shares, per Ticker Report. Despite the trims, both companies attracted new buyers. Institutional ownership in nLight sits at about 83.88%, with Sunbelt Securities increasing its position by 7,142.9% — though that dramatic figure reflects a tiny base, growing to just 1,014 shares.
Ligand drew added interest from 1492 Capital Management LLC, which raised its stake by 4.4% in Q1. Ligand missed Q1 earnings estimates, posting $1.63 per share against a $1.84 forecast, but revenue still climbed 14.1% year over year. Granite's trims across all five names suggest a deliberate strategy: lock in gains while the positions are still meaningful, then redeploy capital — including a new $5.1 million stake in Paylocity Holding Corporation.
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