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Iridian Asset Management Loves These Tech Stocks

#3 Pitney Bowes Inc. (NYSE:PBI)

Shares held (as of September 30): 14,884,622

Total Value (as of September 30): $295.46 million

Percentage of Portfolio (as of September 30): 2.50%

Pitney Bowes Inc. (NYSE:PBI) is a $4.29-billion global technology company, in which Iridian upped its stake by 3%. For the third quarter, Pitney Bowes Inc. (NYSE:PBI) reported a 4% decline in revenue to $870 million, compared to prior year. Earnings per share for the quarter also dropped to $0.44, versus $0.65 in 2014. Pitney Bowes Inc. (NYSE:PBI) repurchased 4.9 million shares, worth $100 million, during the third quarter. The company’s stock has lost 12.72% year-to-date. First Eagle Investment Management held more than 7.0 million Pitney Bowes shares as of the end of June.

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#2 SanDisk Corporation (NASDAQ:SNDK)

Shares held (as of September 30): 6,146,477

Total Value (as of September 30): $333.94 million

Percentage of Portfolio (as of September 30): 2.82%

Having a market cap of more than $15 billion, SanDisk Corporation (NASDAQ:SNDK) is engaged in flash storage business. SanDisk is the only top tech stock, in which Iridian cut its position during the third quarter. The fund’s stake represents a quarter-over-quarter decrease of 12%. Last month, Western Digital Corporation (NASDAQ: WDC) agreed to acquire SanDisk Corporation (NASDAQ:SNDK) in a cash and stock deal, valued at about $19 billion. The deal is expected to close in the third quarter next year. Shares of SanDisk Corporation (NASDAQ:SNDK) have declined by over 21% year-to-date. Another investor that believes in SanDisk is Michael Lowenstein’s Kensico Capital, holdings over 4 million shares.

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#1 Check Point Software Technologies Ltd. (NASDAQ:CHKP)

Shares held (as of September 30): 5,253,165

Total Value (as of September 30): $416.73 million

Percent of Portfolio (as of September 30): 3.52%

Check Point Software Technologies Ltd. (NASDAQ:CHKP) is Iridian’s top tech pick. The investor was bullish on Check Point Software during the quarter, boosting its ownership by more than 64%. Check Point Software Technologies Ltd. (NASDAQ:CHKP) is engaged in information technology security business. The company posted strong financial results for the third quarter, with its revenue increasing to $404 million, from $370 million a year earlier. Operating income also rose to $205 million, versus $197 million in the same period of 2014. Shares of Check Point Software Technologies Ltd. (NASDAQ:CHKP) have gained 6.49% year-to-date. Check Point Software is also a favorite stock of David Blood and Al Gore’s Generation Investment Management, which held 5.81 million shares at the end of June.

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Disclosure: none

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