Now, key money managers have been driving this bullishness. According to our database, Adage Capital Management assembled the most outsized position in Godaddy Inc (NYSE:GDDY), worth some $15.8 million at the end of the quarter. Israel Englander’s Millennium Management also initiated a $1.7 million position during the quarter. The other funds with brand new GDDY positions are Richard Driehaus’s Driehaus Capital, Drew Cupps’s Cupps Capital Management, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Godaddy Inc (NYSE:GDDY) but similarly valued. These stocks are Siliconware Precision Industries (ADR) (NASDAQ:SPIL), Team Health Holdings LLC (NYSE:TMH), Euronet Worldwide, Inc. (NASDAQ:EEFT), and Synovus Financial Corp. (NYSE:SNV). This group of stocks’ market caps resemble GDDY’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $302 million. That figure was just $130 million in GDDY’s case. Team Health Holdings LLC (NYSE:TMH) is leading the pack, whereas Siliconware Precision Industries (ADR) (NASDAQ:SPIL) is the least popular stock from this mix with only 10 bullish hedge fund positions. Godaddy Inc (NYSE:GDDY) 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 TMH might be a better candidate to consider a long position.