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Infoblox Inc (BLOX): Activist Jeff Smith’s Starboard Value Reports New Stake

A recent filing with the US Securities and Exchange Commission has revealed that activist Jeff Smith‘s Starboard Value has initiated a massive position in Infoblox Inc (NYSE:BLOX). The investor has acquired 4.10 million shares of the company, which represent 7.10% of the outstanding stock. Shares of Infoblox have opened around 5% in the green on the back of the news.

Starboard has not announced any plans regarding the investment, although we can expect more news soon. The investor has been building a significant stake in Depomed Inc (NASDAQ:DEPO), which amounts to 5.64 million shares (9.2% of the outstanding stock) and has announced plans to propose candidates to the company’s board of directors. Jeff Smith is scheduled to give a presentation at the 2016 Ira Sohn Conference on May 4 (see more details).

Infoblox is a $946 million IT services company that provides Domain Name System (DNS) security, network control and automation. The stock is down by more than 12% since the beginning of the year. At the end of the fourth quarter of 2015, a total of 27 of the hedge funds tracked by Insider Monkey held long positions in Infoblox Inc (NYSE:BLOX), up by 13% from one quarter earlier. Eric Bannasch’s Cadian Capital held the largest stake, worth close to $93 million, followed by Dorsal Capital Management, led by Ryan Frick and Oliver Evans, with a $52.4 million position. Other professional money managers that are bullish consist of Anand Parekh’s Alyeska Investment Group, Jim Simons’s Renaissance Technologies and Israel Englander’s Millennium Management.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 4,101,000 4,101,000 4,101,000 4,101,000 4,101,000 7.1%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 3,107,087 4,101,000 3,107,087 4,101,000 3,107,087 5.4%
STARBOARD VALUE AND OPPORTUNITY S 371,157 4,101,000 371,157 4,101,000 371,157 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 205,045 205,045 205,045 Less than 1%
STARBOARD VALUE R 205,045 205,045 205,045 Less than 1%
STARBOARD VALUE R GP 205,045 205,045 205,045 Less than 1%
STARBOARD VALUE GP 4,101,000 4,101,000 4,101,000 7.1%
STARBOARD PRINCIPAL CO 4,101,000 4,101,000 4,101,000 7.1%
STARBOARD PRINCIPAL CO GP 4,101,000 4,101,000 4,101,000 7.1%
JEFFREY C. SMITH 4,101,000 7.1%
MARK R. MITCHELL 4,101,000 7.1%
PETER A. FELD 4,101,000 7.1%
Jeffrey Smith
Jeffrey Smith
Starboard Value LP

Page 1 of 28 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No.  )1
Infoblox Inc.
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
(CUSIP Number)
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
1325 Avenue of the Americas
New York, New York 10019
 (212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 12, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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