Activist Fund Elliott Buys Monsanto, Lifelock, Sells Off Qlik

Lifelock Inc (NYSE:LOCK)

– Shares Owned by Elliott Management (as of June 30): 7.15 million

– Value of Elliott Management’s Holding (as of June 30): $113.04 million

Arizona-based identity theft protection company Lifelock Inc (NYSE:LOCK) was also added to Elliott Management’s portfolio during the three-month-period ended June 30. The fund acquired about 7.15 million shares of the company, amassing around 7.5% of the company’s total stock. Lifelock is reported to have hired investment firm Evercore Partners amid Paul Singer’s activism campaign to push the company to increase shareholder value. Goldman Sachs’ analyst Gabriela Borges recently initiated coverage of Lifelock with a ‘Neutral’ rating and has a price target of $18 on it, only $1.22 above the shares’ current going rate. Ahmet Okumus’ Okumus Fund Management owns about 5.36 million shares of Lifelock Inc (NYSE:LOCK) as of the end of the second quarter. The stock has gained over 15% year-to-date.

Imperva Inc (NYSE:IMPV)

– Shares Owned by Elliott Management (as of June 30): 2.33 million

– Value of Elliott Management’s Holding (as of June 30): $100.2 million

Elliot Management acquired 2.33 million shares of the Redwood-based cybersecurity company during the second quarter. The fund now holds over 7% of the company’s total float. Imperva Inc (NYSE:IMPV) is down by over 25% so far in 2016. Imperva is yet another target of Elliot’s activism, as the hedge fund is reportedly pressuring the company to find a buyer amid disappointing financial results. Analysts think that Cisco Systems, IBM, Raytheon, or Symantec could all be potential suitors for the company. Philippe Laffont’s Coatue Management owns 547,353 of Imperva Inc (NYSE:IMPV) as of the end of the second quarter.

Qlik Technologies Inc (NASDAQ:QLIK) Position Sold Off

Elliot Management dumped its entire holding of Qlik Technologies Inc (NASDAQ:QLIK) during the second quarter, selling over 4.63 million shares of the company, although this isn’t really a big development given that the company was acquired during the quarter and became a merger-arb play. The Pennsylvania-based software company said Wednesday that more than 77% of its shareholders had approved the acquisition of the company by private equity firm Thoma Bravo. The transaction is expected to close early next week, and Qlik shareholders will be entitled to receive $30.50 in cash for each share of Qlik Technologies Inc (NASDAQ:QLIK) common stock they hold. Given that Qlik was actually trading higher than the transaction price just days before its announcement, it’s perhaps somewhat surprising that shareholders so readily accepted the deal.

Disclosure: None