Paul Singer’s Elliott Management Corp has entered into a Cooperation Agreement with Citrix Systems, Inc. (NASDAQ:CTXS), according to its recent 13D filing with the SEC. As mentioned in the filing, Elliott Management Corp holds a 7.5% stake in the technology company, held jointly by Elliott, Elliott International, and EICA and including the firm’s economic exposure to shares. Elliott Associates held a 2.3% stake in the company’s stock, increasing its holding to 3.65 million shares from 3.61 million shares disclosed last month. Under the terms of the agreement, Citrix Systems, Inc. (NASDAQ:CTXS) will appoint Jesse Cohn of Elliott Management to its board, along with another independent director, who will have no association with any of the parties. The investment manager earlier reported a 7.1% stake in the company according to its previous 13D filing.
A separate 13D filing from Elliott Management Corp stated that the company has reduced its stake in Juniper Networks, Inc. (NYSE:JNPR) to 39.24 million shares, a 4.5% stake in the company. Elliott Management stated in the filing, “The Reporting Persons have reduced their position in the Issuer as management and the Board of Directors have made progress in improving the business and increasing the stock price.” Further the investment firm intends to remain supportive of the management of Juniper Networks, Inc. (NYSE:JNPR), while holding a sizable investment in the company.
Elliott Associates, L.P reported a public equity portfolio of $8.14 billion at the end of the first quarter, with the investments of the fund manager being primarily in technology and consumer discretionary stocks. It is among the oldest hedge funds in the market in terms of continuous management since its inception in 1977. Elliott Associates along with Elliott International is collectively known as Elliott Management Corporation. According to Forbes’ net worth calculator, Paul Singer has a net worth of $1.92 billion as of July 30, ranking him 351 in the ranking of billionaires within the United States. As per the records of Forbes, the investment firm has assets worth $25 billion under management and Mr. Singer is known for taking activist stands in different companies, with Fortress Biotech Inc. (NASDAQ:FBIO) as his recent activism target.
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Citrix Systems, Inc. (NASDAQ:CTXS) announced its second quarter 2015 financial results on Tuesday, with the results sending its shares up 8.10%. The quarterly revenue of the enterprise solution company rose by 2% to $797 million against the prior year period and its net income was up to $103 million in comparison with the second quarter 2014 income of $53 million. Another major announcement coming out of the company was the retirement of its long-term CEO Mark Templeton. Templeton will serve as the CEO of Citrix Systems, Inc. (NASDAQ:CTXS) until the company finds another suitable candidate for the post. The hedge funds that we track at Insider Monkey upped their stakes in Citrix Systems during the first quarter, with aggregate investments rising by about $2.0 million to $785.91 million, although the number of investors dropped by six to 38. Bain Capital’s Brookside Capital was another investor of the technology firm, with 3.67 million shares worth $234.41 million.
Juniper Networks, Inc. (NYSE:JNPR) is a network product manufacturing company with a customer base in more than 100 countries. The networking company announced its second quarter financial results last week, beating the market’s earnings and revenue expectations. The firm reported earnings per share of $0.51 against Wall Streets’ estimate of $0.41 and its reported revenue of $1.2 billion was above the market’s expected $1.1 billion. The shares of Juniper Networks, Inc. (NYSE:JNPR) have grown by 22.94% year-to-date. The networking firm attracted investments from 41 hedge fund managers at the end of the first quarter, with their positions valued at $1.63 billion, down slightly from $1.64 billion in shares held by 37 hedge fund investors at the end of 2014.
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