How Apigee Corp (APIC) Stacks Up Against Its Peers?

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Judging by the fact that Apigee Corp (NASDAQ:APIC) has sustained a decline in interest from hedge fund managers, we can see that there were a few money managers that elected to cut their full holdings last quarter. It’s worth mentioning that George McCabe’s Portolan Capital Management cashed in the largest stake of all the hedgies studied by Insider Monkey, worth close to $7.8 million in stock. Brian Ashford-Russell and Tim Woolley’s fund, Polar Capital, also said goodbye to its stock, about $0.6 million worth.

Let’s now review hedge fund activity in other stocks similar to Apigee Corp (NASDAQ:APIC). We will take a look at Cardionet Inc (NASDAQ:BEAT), Global Indemnity plc (NASDAQ:GBLI), Accuray Incorporated (NASDAQ:ARAY), and The First of Long Island Corporation (NASDAQ:FLIC). All of these stocks’ market caps resemble APIC’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BEAT 19 83420 1
GBLI 5 32142 0
ARAY 18 103553 4
FLIC 8 68623 2

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $72 million. That figure was $99 million in APIC’s case. Cardionet Inc (NASDAQ:BEAT) is the most popular stock in this table. On the other hand Global Indemnity plc (NASDAQ:GBLI) is the least popular one with only 5 bullish hedge fund positions. Apigee Corp (NASDAQ:APIC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BEAT might be a better candidate to consider taking a long position in.

Disclosure: None

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