Hedge Funds Are Falling in Love With SYNNEX Corporation (SNX) All Over Again

Consequently, key hedge funds were breaking ground themselves. Clinton Group established the most valuable position in SYNNEX Corporation (NYSE:SNX). Clinton Group had $5.7 million invested in the company at the end of the quarter. Mike Vranos’ Ellington also made a $1.1 million investment in the stock during the quarter. The other funds with brand new SNX positions are Ken Griffin’s Citadel Investment Group and Matthew Hulsizer’s PEAK6 Capital Management.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as SYNNEX Corporation (NYSE:SNX) but similarly valued. We will take a look at Williams-Sonoma, Inc. (NYSE:WSM), Vermilion Energy Inc (NYSE:VET), Lazard Ltd (NYSE:LAZ), and Store Capital Corp (NYSE:STOR). This group of stocks’ market values match SNX’s market value.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $258 million. That figure was $127 million in SNX’s case. Williams-Sonoma, Inc. (NYSE:WSM) is the most popular stock in this table. On the other hand Vermilion Energy Inc (NYSE:VET) is the least popular one with only 8 bullish hedge fund positions. SYNNEX Corporation (NYSE:SNX) is not the most popular stock in this group but hedge fund interest is still above average and rapidly improving. This is a positive signal, as we’d rather spend our time researching stocks that hedge funds are piling on recently. In this regard, SNX might be a good candidate to consider taking a long position in.

Disclosure: None