Quantum Fund manager George Soros (Trades, Portfolio) increased his Exa Corp. (EXA, Financial) position 15% on Sept. 11, according to GuruFocus real-time picks.
Soros invested in 216,477 shares for $14.33 per share, increasing his position to 1,661,666 shares. The guru currently owns approximately 11% of Exa’s outstanding shares.
Company background
Exa, a Massachusetts-based software company, develops simulation software and services primarily for the ground transportation market, which includes top vehicle manufacturers like Bayerische Motoren Werke AG (FRA:BMW, Financial)(BMWYY, Financial), Ford Motor Co. (F, Financial) and Toyota Motor Co. (TM, Financial). Company management said revenues for the three months ending July 31 increased 3% year over year on a constant currency basis. Strong license revenue growth, which was driven by increased customer base and simulation capacity consumption from existing customers, contributed to overall revenue growth. Exa’s three-year revenue growth rate of 6.30% is near a 10-year high and outperforms 53% of global competitors.
Company management improved its full-year earnings guidance even though the company reported a net loss of $2.6 million for the quarter. Exa expects a net loss between $3.5 million and $5.7 million as of July 31, up $0.4 million on the low end from the previous quarter’s earnings guidance.
Guru keeps adding to tech positions
Soros keeps adding to his positions in the technology sector, including Sigma Designs Inc. (SIGM, Financial) and NXP Semiconductors NV (NXPI, Financial). The guru has 11.2% exposure to tech stocks.
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Disclosure: The author has no positions in the stocks mentioned.
