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Altai Capital Limits Exposure to Intralinks Holdings

Rishi Bajaj, Toby Symonds and Steve Tesoriere, the managers of Altai Capital, are not that bullish about Intralinks Holdings Inc (NYSE:IL) anymore. In a recent filing with the Securities and Exchange Commission, Altai Capital revealed the trimming of their position in Intralinks Holdings. The fund have decreased their holding from 3.6 million shares to a little over 2.6 million shares of the business software provider. Altai’s current position accounts for 4.8% of the company’s common stock.

Intralinks Holdings Inc (NYSE:IL)

As opposed to Altai Capital, Freshford Capital Management, run by Michael Doheny, has slightly increased their holding of Intralinks Holdings. According to their latest 13F filing, the fund currently holds approximately 2.2 million shares valued at $19 million. J. Carlo Cannell of Cannell Capital is not so bullish on this stock either, with his fund reducing the stake in Intralinks by 13%. In their most recent 13F filing, Cannell Capital reported ownership of a little over 937 thousand shares worth $8.25 million.

Intralinks Holdings’ stock has been in an uptrend in 2013, with the price advancing 68% so far this year. Shares are currently traded at $10.47 and have a forward price to earnings (P/E) ratio of 58.17. The stock has a beta of 3.01 and does not pay any dividends.

On November 7th, Intralinks Holdings reported their financial performance for the third quarter of 2013. The company registered revenues of $59.1 million, a 7.8% year over year increase. In terms of earnings per share (EPS), Intralinks did not perform so well. The company reported a loss of $0.05 per share compared to the loss of $0.02 per share for corresponding quarter last year. The expectations for the current quarter are as follows: revenues between $57 and $59 million and a loss per share of approximately $0.06 to $0.07.

Disclosure: none

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