Jeffrey Smith, Starboard Value are Bullish on Unwired Planet Inc (UPIP)

Jeff Smith‘s fund Starboard Value has raised its position in Unwired Planet Inc (NASDAQ:UPIPto 10.5 million shares, from 9.15 million shares held previously. The new position amounts to 9.6% of the outstanding stock, up from 8.3% held before the increase. At the current price of Unwired Planet, the value of the position is equal to $22.27 million.

Jeff Smith

Over a week ago, Starboard disclosed that Peter Feld has resigned from the board of directors of Unwired Planet Inc (NASDAQ:UPIP). Mr. Feld holds personally around 212,800 shares of the company.

Unwired Planet Inc (NASDAQ:UPIP) is specialized in intellectual property and technology licensing. Recently the company entered into a deal with Lenovo, which intends to purchase a portfolio of patents from Unwired Planet in a transaction worth around $100 million in cash. The deal involved over 20 patents, including 3G and LTE patents, the company said in a statement.

Moreover, at the beginning of March, the company has filed patent infringement actions through its wholly owned subsidiary, Unwired Planet International Ltd. The patent infringement actions filed in the UK and Germany involves six patents and are asserted against several major players in the telecommunication markets such as Huawei, Google and Samsung, another press release stated.

The stock of Unwired Planet Inc (NASDAQ:UPIP) has been climbing, a significant raise being experienced at the end of March. Since the beginning of the year, the stock is up by over 50% and is currently appreciated by the analysts as ‘Overweight.’ The company has posted EPS of -$0.07 for the second quarter of its fiscal 2014, slightly down from $0.06 reported a year earlier.

So far, Derek C. Schrier‘s Indaba Capital Management is the largest shareholder of Unwired Planet Inc (NASDAQ:UPIP) among hedge funds from our database, holding around 11.82 million shares as at the end of 2013. George Soros‘ Soros Fund Management also held a significant position at the end of last year, its stake containing some 6.45 million shares.

Disclosure: none

Recommended Reading:

Jeffrey Smith, Starboard Value’s Investor Presentation On Darden Restaurants, Inc.(DRI); Argue Against Red Lobster Spin-off

Starboard Value Further Reduces Stake in Integrated Device Technology, Inc (IDTI)

Jeffrey Smith’s Starboard Value Cuts Its Exposure to Integrated Device Technology (IDTI)

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