What Do Hedge Funds Think of Tangoe Inc (NASDAQ:TNGO)?

As one would reasonably expect, key money managers were leading the bulls’ herd. Simcoe Capital Management, managed by Jeffrey Jacobowitz, established the most outsized position in Tangoe Inc (NASDAQ:TNGO). Simcoe Capital Management had $3.2 million invested in the company at the end of the quarter. Ahmet Okumus’s Okumus Fund Management also made a $1.4 million investment in the stock during the quarter. The only other fund with a new position in the stock is Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.

Let’s check out hedge fund activity in other stocks similar to Tangoe Inc (NASDAQ:TNGO). We will take a look at SurModics, Inc. (NASDAQ:SRDX), Fortuna Silver Mines Inc. (NYSE:FSM), EndoChoice Holdings Inc (NYSE:GI), and America’s Car-Mart, Inc. (NASDAQ:CRMT). This group of stocks’ market values are similar to TNGO’s market value.

As you can see these stocks had an average of 10.75 hedge funds with bullish positions and the average amount invested in these stocks was $42 million. That figure was $21 million in TNGO’s case. SurModics, Inc. (NASDAQ:SRDX) is the most popular stock in this table. On the other hand EndoChoice Holdings Inc (NYSE:GI) is the least popular one with only 9 bullish hedge fund positions. Tangoe Inc (NASDAQ:TNGO) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard SRDX might be a better candidate to consider a long position.