Hedge Funds Are Buying RingCentral Inc (RNG)

Now, some big names were breaking ground themselves. Crosslink Capital, managed by Seymour Sy Kaufman and Michael Stark, initiated the largest position in RingCentral Inc (NYSE:RNG). Crosslink Capital had $11.9 million invested in the company at the end of the quarter. Paul Hondros’s AlphaOne Capital Partners also made a $5.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Jim Tarantino and Chris Galvin’s Westerly Capital Management, Josh Goldberg’s G2 Investment Partners Management, and Glenn Russell Dubin’s Highbridge Capital Management.

Let’s now review hedge fund activity in other stocks similar to RingCentral Inc (NYSE:RNG). We will take a look at Amedisys Inc (NASDAQ:AMED), Alon USA Energy, Inc. (NYSE:ALJ), World Wrestling Entertainment, Inc. (NYSE:WWE), and EP Energy Corp (NYSE:EPE). This group of stocks’ market values are similar to RNG’s market value.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $145 million, compared to the $194 million figure in RNG’s case. Amedisys Inc (NASDAQ:AMED) is the most popular stock in this table with 24 funds owning shares, while EP Energy Corp (NYSE:EPE) is the least popular one. Compared to these stocks, RingCentral Inc (NYSE:RNG) 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.