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David Goodloe
David Goodloe
Articles (769) 

Technology Stocks Continue to Attract Paul Singer's Attention

Guru reduces Juniper Networks stake, sells Informatica, increases position in Citrix

Technology stocks are, by far, the most heavily weighted in Paul Singer (Trades, Portfolio)’s portfolio, and the guru’s third-quarter transactions reflect that preference, whether the deals were acquisitions or divestitures – although technology was by no means the only sector in which the founder of Elliott Management traded.

Singer’s most significant third-quarter transaction was the reduction of his stake in Juniper Networks Inc. (NYSE:JNPR), a Sunnyvale, California-based networking equipment company, by more than 95%. Singer sold 2,661,128 shares for an average price of $26.42 per share. The deal had a -11.98% impact on Singer’s portfolio.

Juniper Networks has a market cap of $11.14 billion and an enterprise value of $11.23 billion. It has a forward P/E of 13.1, a P/B of 2.5 and a P/S of 2.5. GuruFocus has given Juniper Networks a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.

Dodge & Cox, Manning & Napier Advisors Inc., Diamond Hill Capital (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Ken Fisher (Trades, Portfolio), John Hussman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) have shares of Juniper Networks in their portfolios.

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Juniper Networks sold for $28.86 per share Thursday.

Singer also trimmed his stake in Anadarko Petroleum Corp. (NYSE:APC), an oil and gas company based in The Woodlands, Texas, by nearly 60%. Singer sold 1,613,912 shares for an average price of $71.04 per share in a transaction that had a -1.78% impact on the portfolio.

Anadarko Petroleum has a market cap of $26.03 billion and an enterprise value of $44.34 billion. It has a forward P/E of 312.5, a P/B of 1.8 and a P/S of 2.6. GuruFocus has given Anadarko Petroleum a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.

Bill Nygren (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Jim Simons (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ron Baron (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Dodge & Cox and David Dreman (Trades, Portfolio) have shares of Anadarko Petroleum in their portfolios.

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On Thursday Anadarko Petroleum sold for $51.23 per share.

Singer reduced his stake in Twenty-First Century Fox Inc. (NASDAQ:FOX), a New York-based mass media company, by nearly 48%. Singer sold 3,356,203 shares for an average price of $29.68 per share. The deal had a -1.53% impact on Singer’s portfolio.

Twenty-First Century Fox has a market cap of $57.21 billion and an enterprise value of $70.21 billion. It has a P/E of 7.6, a forward P/E of 15.5, a P/B of 3.8 and a P/S of 2.2. GuruFocus has given Twenty-First Century Fox a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Jeff Ubben (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Seth Klarman (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), MS Global Franchise Fund (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Jim Simons (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Dodge & Cox and First Eagle Investment (Trades, Portfolio) have shares of Twenty-First Century Fox in their portfolios.

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Twenty-First Century Fox sold for $29.05 per share Thursday.

Singer sold his 6,650,714-share stake in Family Dollar Stores Inc. (FDO), a Matthews, North Carolina-based variety store chain, for an average price of $79.31 per share. The divestiture had a -7.4% impact on Singer’s portfolio.

Family Dollar Stores has a market cap of $9.09 billion and an enterprise value of $9.36 billion. It has a P/E of 59.6, a forward P/E of 26.5, a P/B of 4.9 and a P/S of 0.9. GuruFocus has given Family Dollar Stores a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.

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Family Dollar Stores sold for $79.39 per share Thursday.

Singer sold his 5,948,581-share stake in Informatica Corp. (INFA), a Redwood City, California-based software company, for an average price of $48.51 per share. The transaction had a -4.07% impact on Singer’s portfolio.

Informatica has a market cap of $5.05 billion and an enterprise value of $4.49 billion. It has a P/E of 49.4, a forward P/E of 25.6, a P/B of 4.7 and a P/S of 5.0. GuruFocus has given Informatica a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Meridian Funds (Trades, Portfolio) has shares of Informatica in its portfolio.

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On Thursday Informatica sold for $48.73 per share.

Singer increased his stake in Citrix Systems Inc. (NASDAQ:CTXS), a Fort Lauderdale, Florida-based software company, by 298%, making it the third-most valuable stake in his portfolio. He acquired 4,396,000 shares for an average price of $71.5 per share. The deal had a 5.95% impact on Singer’s portfolio.

Citrix Systems has a market cap of $11.82 billion and an enterprise value of $12.14 billion. It has a P/E of 43.8, a forward P/E of 18.0, a P/B of 5.8 and a P/S of 3.9. GuruFocus has given Citrix Systems a Financial Strength rating of 8/10 and a Profitability and Growth rating of 9/10.

Singer is Citrix Systems’ leading shareholder among the gurus with 5,871,000 shares in his portfolio. Jeremy Grantham (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Hussman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Dodge & Cox and Joel Greenblatt (Trades, Portfolio) have shares of Citrix Systems in their portfolios.

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Citrix Systems sold for $76.84 per share Thursday.

Singer invested in a 663,000-share stake in Allergan PLC (NYSE:AGN), a pharmaceutical company with offices in Dublin and New Jersey, for an average price of $307.17 per share. The deal had a 3.52% impact on Singer’s portfolio and made Allergan the eighth-most valuable stake in that portfolio.

Allergan has a market cap of $120.48 billion and an enterprise value of $162.97 billion. It has a P/E of 38.9, a forward P/E of 18.5, a P/B of 1.7 and a P/S of 5.3. GuruFocus has given Allergan a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

Vanguard Health Care Fund (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), John Paulson (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Jana Partners (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), John Griffin (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), George Soros (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Private Capital (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Jim Simons (Trades, Portfolio), Scott Black (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Bernard Horn (Trades, Portfolio), Kyle Bass (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Chris Davis (Trades, Portfolio) and Dodge & Cox have shares of Allergan in their portfolios.

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On Thursday Allergan sold for $305.7 per share.

Singer acquired a 7,320,814-share stake in Polycom Inc. (NASDAQ:PLCM), a San Jose, California-based telecommunication company, for an average price of $10.84 per share. The transaction had a 1.5% impact on Singer’s portfolio.

Polycom has a market cap of $1.72 billion and an enterprise value of $1.4 billion. It has a P/E of 24.2, a forward P/E of 13.3, a P/B of 1.7 and a P/S of 1.4. GuruFocus has given Polycom a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

George Soros (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Manning & Napier Advisors Inc., Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Polycom in their portfolios.

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Polycom sold for $12.99 per share Thursday.

To view the portfolios of more gurus, visit the List of Gurus page. Not a premium member of GuruFocus? Try it free for 7 days.

About the author:

David Goodloe
I'm a journalist by training. I grew up in Arkansas and earned my B.A. at the University of Arkansas. I earned my master's degree at the University of North Texas. My background includes stints at newspapers in Arkansas and Texas and teaching news writing and news editing to students at the University of Oklahoma and Richland College here in Dallas. I'm a writer/editor at GuruFocus.

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