Do Hedge Funds Love Proofpoint Inc (PFPT)?

As industrywide interest jumped, key money managers were breaking ground themselves. York Capital Management, managed by James Dinan, assembled the biggest position in Proofpoint Inc (NASDAQ:PFPT). York Capital Management had $9 million invested in the company at the end of the quarter. Wojciech Uzdelewicz’s Espalier Global Management also initiated a $3.7 million position during the quarter. The other funds with new positions in the stock are Matthew Hulsizer’s PEAK6 Capital Management, George Hall’s Clinton Group, and Frank Slattery’s Symmetry Peak Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Proofpoint Inc (NASDAQ:PFPT) but similarly valued. We will take a look at Zebra Technologies Corp. (NASDAQ:ZBRA), Buffalo Wild Wings (NASDAQ:BWLD), Science Applications International Corp (NYSE:SAIC), and United Bankshares, Inc. (NASDAQ:UBSI). This group of stocks’ market values are similar to PFPT’s market value.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $256 million. That figure was $220 million in PFPT’s case. Buffalo Wild Wings (NASDAQ:BWLD) is the most popular stock in this table. On the other hand United Bankshares, Inc. (NASDAQ:UBSI) is the least popular one with only 8 bullish hedge fund positions. Proofpoint Inc (NASDAQ:PFPT) 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 BWLD might be a better candidate to consider a long position.

Disclosure: None