Is LogMeIn Inc (LOGM) A Good Stock To Buy?

Due to the fact that LogMeIn Inc (NASDAQ:LOGM) has faced falling interest from the entirety of the hedge funds we track, it’s safe to say that there were a few funds who sold off their positions entirely by the end of the third quarter. At the top of the heap, Israel Englander’s Millennium Management cut the biggest stake of the 700 funds watched by Insider Monkey, worth an estimated $8.8 million in stock. Ken Griffin’s fund, Citadel Investment Group, also dropped its stock, about $1.8 million worth. These transactions are intriguing to say the least, as total hedge fund interest fell by 3 funds by the end of the third quarter.

Let’s go over hedge fund activity in other stocks similar to LogMeIn Inc (NASDAQ:LOGM). We will take a look at Gannett Co., Inc. (NYSE:GCI), Mueller Industries, Inc. (NYSE:MLI), DuPont Fabros Technology, Inc. (NYSE:DFT), and Planet Fitness Inc (NYSE:PLNT). This group of stocks’ market caps match LOGM’s market cap.

As you can see these stocks had an average of 15.75 hedge funds with bullish positions and the average amount invested in these stocks was $180 million. That figure was $178 million in LOGM’s case. Gannett Co., Inc. (NYSE:GCI) is the most popular stock in this table. On the other hand Planet Fitness Inc (NYSE:PLNT) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks LogMeIn Inc (NASDAQ:LOGM) 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.