SAC Capital’s Latest Portfolio Moves: Zynga Inc (ZNGA), Tessera Technologies, Inc. (TSRA) And Others

Steven Cohen has continued into the spring cleaning of his equity portfolio, reducing stakes in several stocks. This is the third wave of filings with the Securities and Exchange Commission, where SAC Capital reports reductions in its portfolio holdings. Let’s take a look at the stocks Cohen has decided to decrease exposure to.

Steven Cohen

Cohen has decreased his fund’s stake in Tessera Technologies, Inc. (NASDAQ:TSRA) from 3.34 million to 2.11 million shares, which account for approximately 4% of the total number of shares outstanding. The company has a market cap of $1.22 billion and pays an annual dividend of $0.7 per share, which represents a yield of 3%. Tessera Technologies engages in the manufacturing of products for electronic devices.

Next up is Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA): SAC Capital has cut its stake to 2.39 million shares or 4.6% of the company’s common stock. The stock has entered a major correction at the start of 2014 and has so far fallen 36% to a current price of $11.18 per share. It is traded at a forward Price to Earnings (P/E) ratio of 5.xx and has a beta of 1.90, making it a rather volatile one.

Another stock that has faced reduction is Trulia Inc (NYSE:TRLA). Approximately 215,500 shares were disposed of, leaving Cohen and SAC Capital with 1.77 million shares which account for 4.8% of the common stock. The company has a market cap of $1.24 billion and does not pay a dividend. So far this year, the stock has been trending sideways and currently trades at a P/E ratio of 99.xx.

Zynga Inc (NASDAQ:ZNGA), the popular game maker, was also on Cohen’s list. SAC Capital has reported a reduction of its stake from 38.6 million shares, reported only a couple of weeks ago, to 28.5 million shares or 3.9% of the total number of shares outstanding. Following the Initial Public Offering, the stock has suffered a considerable correction and has been trading at single-digit prices for a long time, trending sideways. The company is set to announce 2014 first quarter financial results on April 23 and analysts eye revenues of $147 million and a loss per share of $0.01.

Disclosure: none.

Recommended reading:

Second Wave of Moves from SAC Capital

Recent Changes in SAC Capital Advisors’ Equity Portfolio

Billionaire Steven Cohen Initiates Position in Midstates Petroleum Company Inc (MPO); Boosts Stake in Zynga Inc (ZNGA)

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