Matthew Drapkin Is Appointed to the Board of Comverse Inc (CNSI)

Becker Drapkin Management, led by Matthew Drapkin and Steven R. Becker, has revealed in a 13D filing with the SEC that it entered into a “Standstill Agreement” with Comverse Inc (NASDAQ:CNSI) that will result in Mr. Drapkin becoming an independent member of the board of directors of the company, effective as of March 12, 2014. Moreover, under the terms of the agreement, the size of the board will also increase to a total of еight directors.

Comverse Inc (NASDAQ:CNSI)

Becker Drapkin management holds 1.35 million shares of Comverse, which are worth $52.4 million and which represent 27.38% (the highest proportion) of Becker Drapkin Management’s equity portfolio.

Comverse Inc (NASDAQ:CNSI) is a provider of software and systems enabling services for converged billing and active customer management, mobile Internet, and value-added services. In the past four years, the company has generated losses, which shrank from $221.97 million from 2010 to $20.29 million in 2013, and in 2014 is expected to generate profits of around $36 million with respective earnings per share of $1.60. The company’s price is up 20% year-to-date, currently trading around $34 a share, 55 times the estimated earnings for 2014. Analysts recommend that investors hold the stock.

Other funds that hold significant positions in Comverse Inc (NASDAQ:CNSI) include Steven Cohen‘s Sac Capital Advisors, which owns around 589,000 shares worth $22.8 million and Michael Doheny‘s Freshford Capital Management, which holds 1.18 million shares worth $45.8 million.

Matthew Drapkin also serves as a board director at Glu Mobile Inc. (NASDAQ:GLUU) and Alloy Inc (NASDAQ:ALOY), two companies operating in the Services Sector. More than 30% of Becker Drapkin Management’s equity portfolio consists of Services stocks. Investments of $26.3 million in Tuesday Morning Corporation (NASDAQ:TUES) and of $24.9 million in Pacer International, Inc. (NASDAQ:PACR) aggregately represent 26.79% of Becker Drapkin’s 13F portfolio. 

Disclosure: none

Recommended Reading:

Bill Ackman Exercises Warrants and Buys 4 Mln Platform Specialty Products Corporation (PAH) Shares

Billionaire Ken Griffin Ups Stake in Arch Coal Inc (ACI) to Over 5%

Sac Capital Advisors Reports New Stake in Momenta Pharmaceuticals, Inc. (MNTA)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!