Web.com Group Inc (WEB): Hedge Funds Are Snapping Up

With a general bullishness amongst the heavyweights, key money managers have jumped into Web.com Group Inc (NASDAQ:WEB) headfirst. Engaged Capital, led by Glenn W. Welling, initiated the most valuable position in Web.com Group Inc (NASDAQ:WEB). According to regulatory filings, the fund had $2.2 million invested in the company at the end of the quarter. Neil Chriss’s Hutchin Hill Capital also made a $1 million investment in the stock during the quarter. The other funds with brand new WEB positions are Jonathan Lourie and Stuart Fiertz’s Cheyne Capital, Roger Ibbotson’s Zebra Capital Management, and Matthew Tewksbury’s Stevens Capital Management.

Let’s check out hedge fund activity in other stocks similar to Web.com Group Inc (NASDAQ:WEB). These stocks are GTT Communications Inc (NYSE:GTT), Kindred Healthcare, Inc. (NYSE:KND), Pengrowth Energy Corp (USA) (NYSE:PGH), and Invesco Dynamic Credit Opportunities Fd (NYSE:VTA). This group of stocks’ market caps are similar to WEB’s market cap.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $82 million. That figure was $236 million in WEB’s case. Kindred Healthcare, Inc. (NYSE:KND) is the most popular stock in this table. On the other hand Invesco Dynamic Credit Opportunities Fd (NYSE:VTA) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Web.com Group Inc (NASDAQ:WEB) 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.

Disclosure: none.