Accel-KKR Acquires SciQuest
SciQuest, Inc. (NASDAQ:SQI)’s stock has advanced by 32% today after the company agreed to be acquired by Accel-KKR, a California-based, technology-focused private equity firm, for $509 million. Accel-KKR will pay $17.75 per share in cash, according to the terms of the deal. In a statement, SciQuest’s CEO Stephen Wiehe said that the company will continue to expand its solutions suite, innovation and efficiency. The deal is expected to close in the third quarter of 2016, assuming the necessary shareholder and regulatory approval.
As of the end of March, 16 hedge funds that we track held approximately $101 million worth of positions in SciQuest, Inc. (NASDAQ:SQI). Michael Murphy and Daniel Donoghue’s Discovery Group owned more than 1.7 million shares of the company on March 31.
Tata Motors Beats Estimates
Tata Motors Limited (ADR) (NYSE:TTM)’s stock has surged by more than 13% today after the company posted better than estimated first quarter financial results. The Mumbai, India-based automobile company’s profit tripled quarter-over-quarter to INR51.7 billion ($771 million), while analysts had estimated just INR35.3 billion ($526 million) in profit for the quarter. Jaguar Land Rover sales surged by 28%, giving a major boost to the company’s overall financial performance for the quarter. Revenue in the quarter came in at INR806 billion ($1.20 billion), representing a 16% rise from a year earlier.
Out of the 766 funds tracked by Insider Monkey, 15 were shareholders of Tata Motors Limited (ADR) (NYSE:TTM) as of the end of the first quarter, with their investments being valued at $466 million. Ken Fisher’s Fisher Asset Management holds more than 8.7 million shares of the company as of the end of March.
Goldman Sachs Ups Price Target on Brocade Communications Systems
Goldman Sachs raised its price target on Brocade Communications Systems, Inc. (NASDAQ:BRCD) to $10 from $9 after the completion of the company’s acquisition of Ruckus Wireless. The analysts expect EPS dilution of $0.06 during fiscal year 2016, with EPS to be accretive during fiscal year 2017. For now, the investment firm has maintained a ‘Neutral’ rating on the stock. Brocade Communications Systems, Inc. (NASDAQ:BRCD) announced the completion of its deal to acquire Ruckus Wireless last week, for $6.45 per share in cash and 0.75 shares of Brocade.
Within our database, 36 hedge funds were long Brocade Communications Systems, Inc. (NASDAQ:BRCD) as of the end of the first quarter, up from 29 funds a quarter earlier.