2. Anaplan, Inc. (NYSE:PLAN)
Tudor Investment Corp’s Stake Value: $89.23 million
Percentage of Tudor Investment Corp’s 13F Portfolio: 2.08%
Number of Hedge Fund Holders: 47
Anaplan, Inc. (NYSE:PLAN) provides business planning software through a subscription-based model, as well as data analytics to enable better decision-making. The company’s products are used by more than 1,000 organizations around the globe, including healthcare, financial, retail, media, tech and the transportation industries, among others.
On June 22, Anaplan, Inc. (NYSE:PLAN) was acquired by private equity firm Thoma Bravo in an all-cash transaction worth approximately $10.4 billion. This merger was originally announced in March 2022, and valued PLAN stock at $66 per share.
With 1.37 million shares valued at $89.2 million, Paul Tudor Jones’ stake in Anaplan, Inc. (NYSE:PLAN) amounted to 2.08% of his total Q1 portfolio. This was a massive increase over the previous quarter, when the investor owned just 28,000 shares of the firm.
47 hedge funds were long Anaplan, Inc. (NYSE:PLAN) at the end of March, with combined holdings worth $2.43 billion. The firm’s largest shareholder in the first quarter of 2022 was Sculptor Capital with a nearly $345 million stake.
Alger, an investment management firm, talked about the business model and performance of Anaplan, Inc. (NYSE:PLAN) in its Q1 2021 investor letter. Here’s what it said:
“Anaplan, Inc. was among the top detractors from performance. Anaplan is a leading provider of cloud-based business planning software. Anaplan’s software platform aims to solve the most complex planning needs of large global enterprises across various business lines. Unlike traditional business planning software, which is often rigid, siloed and opaque, Anaplan’s platform is designed to enable broader enterprise participation and better workforce collaboration during the business planning process. Through better planning, large enterprises can more effectively allocate resources to cut costs and generate revenue. Today Anaplan has over 1,600 customers across a variety of end markets and business use cases.
Anaplan shares underperformed in the first quarter as part of a broader sector rotation as high-growth software stocks fell out of favor relative to more cyclically exposed investment opportunities. We believe Anaplan’s focus on growth over near-term profit generation negatively impacts the company’s stock in a rising interest rate environment.
Fundamentally, Anaplan had strong fourth quarter earnings result, with the company seeing an acceleration of billings growth and a strong demand pipeline as companies realize the need for a more flexible digital planning solution.”
