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 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%|
Page 1 of 28 – SEC Filing
(Name, Address and Telephone Number of Person