Herding behavior is widely observed in auctions. There are rational reasons for herding but herding can also be counterproductive. We found evidence of herding behavior and sub-optimal outcome in a multi-winner auction setting. This study adds to the knowledge of herding by looking at herding in an auction setting where there is extra incentive to herd (multi-winner auction). Our findings reconfirm evidence in previous research about strategic usage of herding that diminishes after certain threshold; in addition, our findings indicate sub-optimal outcomes of herding behavior which include unjustified risk-return ratio, low ROI, wasted investment opportunities, and underutilized resource.