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Destrier Capital Raises Exposure To LivePerson Inc. (LPSN)

Destrier Capital, a hedge fund founded and managed by Michael Pollack, has increased its passive stake in LivePerson Inc. (NASDAQ:LPSN). According to a new filing with the U.S. Securities and Exchange Commission, Destrier Capital holds 3.19 million LivePerson Inc. (NASDAQ:LPSN) shares, up from 2.31 million shares the fund reported in its latest 13F filing. The new stake is equal to 5.84% of the company’s common stock.

Liveperson, Inc. (NASDAQ:LPSN)

New York-based Destrier Capital Management was founded by Michael Pollack in June 2012. The fund mainly invests in services and technology stocks. The value of the fund’s equity portfolio totaled more than $398 million at the end of the third quarter of 2014. The three largest holdings of Destrier Capital Management were represented by LivePerson Inc. (NASDAQ:LPSN), Zynga Inc (NASDAQ:ZNGA), and Dreamworks Animation Skg Inc (NASDAQ:DWA).

Destrier Capital disclosed in its latest 13F filing that it held 9.85 million shares of Zynga Inc (NASDAQ:ZNGA) at the end of the third quarter. At the same time, the fund disclosed owning 938,283 shares of Dreamworks Animation Skg Inc (NASDAQ:DWA). Zynga Inc (NASDAQ:ZNGA), in which the fund increased its holding over 15% in the third quarter of 2014, dropped by over 26% in last one year. Since September 30, 2014, share price of the company decreased by over 6%. On Thursday, the stock traded up by 1.16% to $2.62. Similarly, the fund’s third largest holding, Dreamworks Animation Skg Inc (NASDAQ:DWA), dropped by more than 38% since January 23, 2014. The stock shows a monthly decrease of over 6%. However, on Thursday, the stock moved up by 3.05% to $21.31.

Aside from Destrier Capital, Shannon River Fund Management, led by Spencer M. Waxman, reported holding 2.94 million shares in LivePerson Inc. (NASDAQ:LPSN), as of the end of September 2014. Another investor, Eric Bannasch’s Cadian Capital, seems not a big fan of LivePerson Inc. (NASDAQ:LPSN), in which it reduced its position during the third quarter by 60% to 541,900 shares.

LivePerson Inc. (NASDAQ:LPSN) is engaged in providing digital engagement solutions. The company has a market cap of $600 million, and institutional investors hold 68% shares. LivePerson Inc. (NASDAQ:LPSN) stock on Thursday closed at $10.87. The stock has a 52-week high of $14.77 and 52-week low of $8.84. Analysts have set the average target price of $16.86 for the stock, while consensus recommendation is ‘Overweight,’ based on a total of nine ratings. The stock price of LivePerson Inc. (NASDAQ:LPSN) decreased by over 25% during the last year. However, in the previous six months, the company’s stock moved up by nearly 7%.

Recently, LivePerson Inc. (NASDAQ:LPSN) reaffirmed its revenue guidance and financial expectations for the fourth quarter ended December 31, 2014, and full-year 2014. According to the company, now it expects bookings of $11.0 million for the fourth quarter of 2014, and $41.3 million for full-year 2014. In addition, LivePerson Inc. (NASDAQ:LPSN) sees quarterly revenue of $57.0 to $58.0 million, and full-year revenue of $208.5 to $209.5 million. Furthermore, the company anticipates adjusted net income in the quarter to be $0.02 to $0.04 per share, and $0.20 to $0.22 per share for full-year 2014.

LivePerson Inc. (NASDAQ:LPSN) postedrevenue of $151.7 million for nine months ended September 2014, up from $130.9 million in the same period in 2013. For the first nine months of last year, the company reported a net loss of $3.2 million, or $0.06 per share, versus a net loss of $2.8 million in 2013. The company posted a net loss $1.1 million or $0.02 per share for the third quarter, compared to net loss of $0.7 million, or $0.01 per share, in the same period in 2013. According to the company, it inked a total of 156 deals in the quarter, adding 41 new customers.

Last month, LivePerson Inc. (NASDAQ:LPSN) announced that it teamed up with Grupo Atencion, which provides business-to-business customer solutions in Latin America, to promote and deliver the LiveEngage platform to the Latin American market. The partnership will offer businesses across the region the tools to differentiate their brands and drive exceptional business results through intelligent, real-time messaging.

Last week, LivePerson Inc. (NASDAQ:LPSN) announced that it appointed Dustin Dean to the position of executive vice president of global sales and customer success. Previously, Dean served as senior vice president of the global strategic group at the company.

Disclosure: none