Is Plantronics, Inc. (PLT) A Good Stock To Buy?

Judging by the fact that Plantronics, Inc. (NYSE:PLT) has experienced a declination in interest from the entirety of the hedge funds we track, it’s easy to see that there is a sect of hedgies that elected to cut their full holdings in the third quarter. Interestingly, Charles Jobson’s Delta Partners dumped the biggest investment of the “upper crust” of funds followed by Insider Monkey, totaling an estimated $16.6 million in stock, and Brian Ashford-Russell and Tim Woolley’s Polar Capital was right behind this move, as the fund sold off about $3.6 million worth. These moves are interesting, as total hedge fund interest dropped by 1 funds in the third quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Plantronics, Inc. (NYSE:PLT) but similarly valued. These stocks are CACI International Inc (NYSE:CACI), QTS Realty Trust Inc (NYSE:QTS), Endurance International Group Hldgs Inc (NASDAQ:EIGI), and Pinnacle Financial Partners (NASDAQ:PNFP). All of these stocks’ market caps match PLT’s market cap.

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 $75 million. That figure was $96 million in PLT’s case. Endurance International Group Hldgs Inc (NASDAQ:EIGI) is the most popular stock in this table. On the other hand Pinnacle Financial Partners (NASDAQ:PNFP) is the least popular one with only 8 bullish hedge fund positions. Plantronics, Inc. (NYSE:PLT) 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 EIGI might be a better candidate to consider a long position.