Have Hedge Funds Found A Winner In New Relic Inc (NEWR)?

With general bullishness amongst the heavyweights, key money managers have been driving this bullishness. Maplelane Capital assembled the biggest position in New Relic Inc (NYSE:NEWR). Maplelane Capital had $17.2 million invested in the company at the end of the quarter. Lodge Hill Capital also initiated an $8.6 million position during the quarter. The other funds with new positions in the stock are Paul Marshall and Ian Wace’s Marshall Wace LLP, Bruce Garelick’s Garelick Capital Partners, and Ken Griffin’s Citadel Investment Group.

Let’s also examine hedge fund activity in other stocks similar to New Relic Inc (NYSE:NEWR). We will take a look at TriNet Group Inc (NYSE:TNET), Sohu.com Inc (NASDAQ:SOHU), Plantronics, Inc. (NYSE:PLT), and Banner Corporation (NASDAQ:BANR). All of these stocks’ market caps resemble NEWR’s market cap.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $214 million. That figure was $275 million in NEWR’s case. Sohu.com Inc (NASDAQ:SOHU) is the most popular stock in this table. On the other hand Plantronics, Inc. (NYSE:PLT) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks New Relic Inc (NYSE:NEWR) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and funds are piling into it, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None