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Hedge Fund Sentiment Is Stagnant On InterNAP Network Services (INAP)

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Hedge funds are not perfect. They have their bad picks just like everyone else. Micron, a stock hedge funds have loved, lost 50% during the last 12 months ending in October 30. Although hedge funds are not perfect, their consensus picks do deliver solid returns, however. Our data show the top 30 S&P 500 stocks among hedge funds at the end of September 2014 yielded an average return of 9.5% in the same time period, vs. a gain of 5.2% for the S&P 500 Index. Because hedge funds have a lot of resources and their consensus picks do well, we pay attention to what they think. In this article, we analyze what the elite funds think of InterNAP Network Services (NASDAQ:INAP).

InterNAP Network Services’ stock plunged by 34% between July and September, but the interest in the company from the funds we track was flat at the end of the quarter. This is usually a negative indicator. At the end of this article we will also compare INAP to other stocks, including Village Super Market, Inc. (NASDAQ:VLGEA), Independent Bank Corporation(MI) (NASDAQ:IBCP), and Paratek Pharmaceuticals Inc (NASDAQ:PRTK) to get a better sense of its popularity.

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Today there are plenty of indicators shareholders use to analyze their holdings. A couple of the best indicators are hedge fund and insider trading activity. We have shown that, historically, those who follow the top picks of the elite money managers can outperform their index-focused peers by a very impressive amount (see the details here).

With all of this in mind, let’s go over the fresh action surrounding InterNAP Network Services (NASDAQ:INAP).

How have hedgies been trading InterNAP Network Services (NASDAQ:INAP)?

At the end of the third quarter, a total of 10 of the hedge funds tracked by Insider Monkey were long this stock. With the smart money’s capital changing hands, there exists an “upper tier” of key hedge fund managers who were boosting their stakes significantly (or already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Mario Gabelli’s GAMCO Investors has the number one position in InterNAP Network Services (NASDAQ:INAP), worth close to $43.8 million, corresponding to 0.3% of its total 13F portfolio. On GAMCO Investors’s heels is Lee Munder’s Lee Munder Capital Group, with a $24.3 million position; the fund has 0.5% of its 13F portfolio invested in the stock. Remaining hedge funds and institutional investors that are bullish include Michael Murphy and Daniel Donoghue’s Discovery Group, Jim Simons’ Renaissance Technologies, and Jim Tarantino and Chris Galvin’s Westerly Capital Management.

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