Paul Singer Loads Up On More Shares Of Citrix Systems Inc (CTXS) Amid Weakness

Elliott Management’s first reported ownership of Citrix Systems, Inc. (NASDAQ:CTXS) at the beginning of June, with Paul Singer claiming that it had the potential of reaching $90 to $100 per share or more by the end of 2016. Straight away, Singer got to work, landing a board seat and getting the company’s long-standing Chief Executive Officer, Mark Templeton, to step down once a suitable replacement is found. The market’s reaction was euphoric, with the stock appreciating by as much as 18.5% before the recent market correction brought the price back to its level at the start of June. As of the time of this writing, Citrix shares are traded at approximately $69 per share.

For the second quarter, Citrix Systems, Inc. (NASDAQ:CTXS) posted revenues of $796 million, up by 2% year-over-year, and earnings per share of $0.72, more than double the figure reported for the same quarter of 2014. Market analysts eye $786 million in revenues and earnings of $0.84 per share for the current quarter and  have set a mean price target of $76.61 on the stock. Among the hedge funds that we track, the biggest stake in Citrix Systems, Inc. (NASDAQ:CTXS) on June 30 was held by Brookside Capital, a subsidiary of Bain Capital. According to its latest 13F filing, the fund holds 3.67 million shares worth an approximate $258 million. Billionaire Ken Griffin is also bullish on this stock, increasing his stake by a massive 1,184% during the second quarter, taking it to 1.34 million shares valued at $94.1 million.

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