P2 Capital Reduces Stake in Forrester Research, Inc. (FORR)

In a filing with the Securities and Exchange Commission, Claus Moller’s P2 Capital Partners revealed that it has trimmed its stake in Forrester Research, Inc. (NASDAQ:FORR) to 1.19 million shares from 1.44 million shares held earlier. The fund’s stake now amasses 6.3% of the company’s common stock.

The filing added that P2 Capital Master Fund I had invested $10.21 million (excluding brokerage commissions) in the shares of Forrester Research, Inc. (NASDAQ:FORR), while another affiliated fund, P2 Capital Master Fund VI, L.P., had committed $23.52 million in shares of Forrester Research. At the same time, the filing stated that the P2 Capital Master Fund I sold 65,048 shares at an average price of $38.03, while P2 Capital Master Fund VI, L.P. disposed 181,775 shares at $38.16 apiece.

Forrester Research, Inc. (NASDAQ:FORR) is a global research and advisory firm. For the full fiscal year 2014, the company expects revenue to be between $304.0 million and $312.0 million. The Operating margin is expected to fall between 6.0% and 7.0%, the diluted earnings per share is expected to be in the range of $0.57 to $0.64.

For the first quarter of 2014, the company reported a revenue of $73.1 million versus 71.4 million for the first quarter of 2013. The net loss on a GAAP basis during the period was $0.1 million, compared to net income of $2.2 million during the first quarter of 2013.

Royce & Associates, managed by Chuck Royce also owns 473,657 shares of Forrester Research, Inc. (NASDAQ:FORR) and Jim Simons’ Renaissance Technologies holds 251,600 shares, worth $9.02 million, according to their latest 13F filings.

P2 Capital Partners focuses on smaller cap companies and uses a private equity-like approach. P2 Capital Partners has 18.37% of its equity portfolio invested in UTi Worldwide Inc. (NASDAQ:UTIW), which is comprised of 11.27 million shares. It is followed by Blount International Inc (NYSE:BLT), wherein the fund holds 7.37 million shares worth $87.75 million.

Disclosure: none