Technology Stocks Continue to Attract Paul Singer's Attention

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

Dec 11, 2015

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. (JNPR, Financial), 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.

Juniper Networks sold for $28.86 per share Thursday.

Singer also trimmed his stake in Anadarko Petroleum Corp. (APC, Financial), 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.

On Thursday Anadarko Petroleum sold for $51.23 per share.

Singer reduced his stake in Twenty-First Century Fox Inc. (FOX, Financial), 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.

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, Financial), 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.

Family Dollar Stores sold for $79.39 per share Thursday.

Singer sold his 5,948,581-share stake in Informatica Corp. (INFA, Financial), 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.

On Thursday Informatica sold for $48.73 per share.

Singer increased his stake in Citrix Systems Inc. (CTXS, Financial), 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.

Citrix Systems sold for $76.84 per share Thursday.

Singer invested in a 663,000-share stake in Allergan PLC (AGN, Financial), 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.

On Thursday Allergan sold for $305.7 per share.

Singer acquired a 7,320,814-share stake in Polycom Inc. (PLCM, Financial), 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.

Polycom sold for $12.99 per share Thursday.

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