Jeffrey Smith of Starboard Value LP has revealed two of his recent moves, which involve TriQuint Semiconductor (NASDAQ:TQNT) and Unwired Planet Inc (NASDAQ:UPIP). According to a recent filing with the Securities and Exchange Commission, Starboard Value has massively decreased its holding of TriQuint stock from 12.7 million to 4.46 million shares, which account of 2.7% of the company’s common stock.
Last year, Mr. Smith sent a letter to TriQuint, in which he expressed his concern with the company’s underperformance that, in his opinion, could be caused by the direction adopted by the management. The manager of Starboard also proposed new directors to be elected to the company’s board. The stock of Triquint surged by almost 70% since the letter has been disclosed.
Billionaire Steven Cohen is also bullish on TriQuint Semiconductor (NASDAQ:TQNT), having increased his fund’s stake by 5600% during the previous quarter. SAC Capital has reported ownership of 2.2 million shares valued at $18.3 million. Ken Fisher is also optimistic about the prospects of the company, having increased his fund’s stake by 13% during the same period of time. According to its latest 13F report, Fisher Asset Management holds 7.24 million shares worth approximately $60.4 million.
A producer of radio frequency solutions, TriQuint Semiconductor (NASDAQ:TQNT) has a market cap of $2.19 billion and does not pay a dividend. The stock is traded at a forward Price to Earnings (P/E) ratio of 20.xx and has a beta of 2.32. So far this year, the stock has appreciated 59% to a current value of $13.28 per share. TriQuint announced revenues of $267 million and a non-GAAP income per share of $0.16 for the 2013 fourth quarter. Analysts expect the company to report $176 million in revenues and a loss per share of $0.11 for the first quarter of 2014, which is in line with the company’s outlook.
In another filing, Starboard Value has announced that its Head of Research, Peter A. Feld, has resigned from the board of directors of Unwired Planet. In aggregate, Starboard Value together with Smith and Feld hold 9.36 million shares which account for 8.5% of the total number of shares outstanding.
Regarding his resignation, Feld commented:
I greatly appreciate the opportunity to have served on the board of Unwired Planet. I am proud of what we have achieved and believe the company is extremely well positioned for the future. I have tremendous faith in management and the board and look forward to observing Unwired Planet’s future success as a large shareholder of the company.
Derek C. Schrier, the manager of Indaba Capital Management bullish on Unwired Planet Inc (NASDAQ:UPIP), having initiated a new position during the previous quarter. In its latest 13F filing, Indaba Capital has reported ownership of 11.8 million shares valued at $16,3 million. Hedge fund legend George Soros is also keeping an eye on this company, with his fund, Soros Fund Management, holding 6.45 million shares valued at $8.9 million. Mark Kingdon of Kingdon Capital also holds a significant position: 5.21 million shares reportedly worth $7.14 million.
Unwired Planet Inc (NASDAQ:UPIP) engages in the development of patents for wireless internet connectivity of mobile devices. The company has not registered any revenues during the previous quarter and has announced a loss per share of $0.07. Current quarter is expected to bring $50,000 in revenues and a loss per share of $0.07. Unwired Planet has a market cap of $228 million and does not pay a dividend. So far in 2014, the stock has surged 59% to a current share price of $2.10.
Smith and Starboard are also heavily invested in Office Depot Inc (NYSE:ODP). The fund has reported 3% increase in its holding of the stock to 43.4 million shares valued at $229 million. Smith has also added to his fund’s stake in Babcock & Wilcox Co (NYSE:BWC), increasing it to 2.4 million shares reportedly worth in excess of $82 million.
Disclosure: none.
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