At the end of the fourth quarter of 2018, Crosslink Capital’s equity portfolio was valued at $354.7 million, after the fund has made several changes to it. During the quarter, the fund didn’t make new investments, but it has dumped six companies, while also raising and lowering its positions in many. Among its top 10 positions on December 31, 2018, was $17.37 million worth a stake in salesforce.com, inc. (NYSE:CRM), on the account of 126,784 shares outstanding. Salesforce.com is a cloud-based software company and one of the 30 Most Popular Stocks Among Hedge Funds. The fund actually raised its stake in the company during Q4 2018 by 4.9%.
The biggest position the fund held at the end of December 2018, was in Pandora Media Llc (NYSE:P). After the fund had lowered its stake in it by 5%, the position was worth $33.37 million, on the account of 4.12 million shares. Pandora Media is a company that offers music-related services, such as streaming radio, for example, and according to recent news, it was acquired by Sirius XM Holdings Inc. (NASDAQ: SIRI) at the beginning of February. The second biggest position in Crosslink Capital’s portfolio at the end of Q4 2018, was in Coupa Software Inc (NASDAQ:COUP). During the fourth quarter, the fund raised its stake by 9% to 520,584 shares, worth $32.72 million. Coupa Software is a company that provides a global cloud-based platform for Business Spend Management, connecting suppliers and organizations. Its market cap is of $5.65 billion. It has its headquarters in San Mateo, California, and additional offices in Europe, Asia Pacific, and Latin America. At the end of the third quarter of 2018, there were 39 smart money investors from Insider Monkey’s database long this stock, compared to 27 in one quarter earlier. Over the past six months, the company’s stock gained 42.90%, and, at the moment of writing, it is trading at $95.03. For the third quarter of fiscal 2019, Coupa Software reported total revenues of $67.5 million, which represents an increase of 42% compared to the corresponding quarter in 2018.
The third largest position, occupying 8.86% of Crosslink Capital’s portfolio was in Palo Alto Networks Inc (NYSE:PANW). Its stake counted 166,718 shares, with a value of $31.40 million. Palo Alto Networks is a company that provides cybersecurity services, mostly known for its platform with professional firewalls and cloud-based extensions covering a range of security issues. This Santa Clara-based company has a market cap of $21.81 billion. Over the past 12 years, the company’s stock gained 41.11%, and it is now trading at $229.90. For the first quarter of fiscal 2019, ended on 31st October 2018, the Palo Alto Networks reported total revenue of $656 million, which represents an increase of 31%, compared to the same period in the previous year. The company also disclosed a net loss of $0.41 per share, compared to a loss per share of $0.70 for the same period in the previous year. Recently, Palo Alto Networks announced that it plans to acquire Demisto, a company that offers an automated incident response platform, for $560 million. According to Insider Monkey’s database, 49 hedge funds were bullish on this stock at the end of September 2018, versus 42 hedge funds with long positions at the end of June 2018.
During the Q4 of 2018, Crosslink Capital decided to dump six companies. Among the biggest positions it had dropped, were those in Facebook, Inc. Common Stock (NASDAQ:FB), Zendesk Inc (NYSE:ZEN), and Amazon.com, Inc.(NASDAQ:AMZN). Its stake in Facebook counted 153,566 shares outstanding, with a value of $25.26 million, in Zendesk it was worth $8.18 million, on the account of 115,186 shares, whereas in Amazon, the fund’s position was worth around $7.44 million based on 3,713 shares outstanding.
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This article was originally published at Insider Monkey.
