Hedge Funds Aren’t Crazy About CyrusOne Inc (CONE) Anymore

Judging by the fact that CyrusOne Inc (NASDAQ:CONE) has experienced declining sentiment from the aggregate hedge fund industry, we can see that there lies a certain “tier” of hedgies who sold off their full holdings last quarter. Interestingly, Louis Bacon’s Moore Global Investments said goodbye to the biggest position of the 700 funds watched by Insider Monkey, comprising close to $19.5 million in stock. Ben Gambill’s fund, Tiger Eye Capital, also dropped its stock, about $10.8 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 3 funds last quarter.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as CyrusOne Inc (NASDAQ:CONE) but similarly valued. We will take a look at Arista Networks Inc (NYSE:ANET), Dun & Bradstreet Corp (NYSE:DNB), Healthcare Trust Of America Inc (NYSE:HTA), and First American Financial Corp (NYSE:FAF). This group of stocks’ market valuations are closest to CONE’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $238 million. That figure was $302 million in CONE’s case. First American Financial Corp (NYSE:FAF) is the most popular stock in this table. On the other hand Healthcare Trust Of America Inc (NYSE:HTA) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks CyrusOne Inc (NASDAQ:CONE) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None