Is Shutterfly, Inc. (SFLY) Going to Burn These Hedge Funds?

In addition, there lies a certain “tier” of funds that decided to sell off their positions entirely last quarter. Interestingly, Lee Munder’s Lee Munder Capital Group said goodbye to the biggest position of the “upper crust” of funds followed by Insider Monkey, comprising about $16.9 million in stock. Spencer M. Waxman’s fund, Shannon River Fund Management, also dumped its holding, about $11.5 million worth. These moves are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s check out hedge fund activity in other stocks similar to Shutterfly, Inc. (NASDAQ:SFLY). We will take a look at Talen Energy Corp (NYSE:TLN), Premier Inc (NASDAQ:PINC), Apollo Investment Corp. (NASDAQ:AINV), and Axovant Sciences Ltd (NYSE:AXON). This group of stocks’ market caps match SFLY’s market cap.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $364 million. That figure was $414 million in SFLY’s case. Talen Energy Corp (NYSE:TLN) is the most popular stock in this table with a total of 20 long positions. On the other hand Axovant Sciences Ltd (NYSE:AXON) is the least popular one. Compared to these stocks Shutterfly, Inc. (NASDAQ:SFLY) 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.