5 Stocks to Sell According to Billionaire Dan Loeb

4. Zendesk, Inc. (NYSE:ZEN)

Third Point’s Stake Value in Q1 2022: $228,551,000

Percentage of Third Point’s 13F Portfolio in Q1 2022: 2.97%

Number of Hedge Fund Holders: 63

Zendesk, Inc. (NYSE:ZEN) is a service-first customer relationship management company allowing organizations to deliver omnichannel customer service and customize and build apps across the customer journey. It boasts more than 160,000 paid customer accounts across 160 countries and territories.

Dan Loeb’s Third Point’s held 1,900,000 shares of Zendesk, Inc. (NYSE:ZEN), accounting for 2.97% of its 13F portfolio, as of Q1 2022. The hedge fund increased its stake in the company by 46% during the first quarter and exited its entire position in the stock during Q2 2022.

On September 19, Zendesk, Inc. (NYSE:ZEN) shareholders approved the merger agreement for the acquisition of Zendesk, Inc. (NYSE:ZEN) by a consortium led by Hellman & Friedman and Permira after a lengthy strategic review process of the company. The transaction comprises a cash consideration of $77.50 per common share and values the entire equity of the company at $10.2 billion.

As of Q2 2022, 63 of the 895 hedge funds tracked by Insider Monkey held Zendesk, Inc. (NYSE:ZEN) shares valued at $1.9 billion. Glen Kacher’s Light Street Capital is its biggest shareholder.