Activist hedge fund Elliott Management has had a busy week.
The New York-based Elliott has acquired 7.1% of software company Citrix Systems’ shares, and has requested a board meeting about operational changes, reports the Sun Sentinel. Elliott says it has ideas about how to improve Citrix’s stock price, saying it could take the price up from its current $65 to $100. While the Citrix technology is appealing, it’s been struggling, Elliott wrote to the company in a letter. Elliott believes Citrix should sell some of its non-core products, such as CloudBridge, and focus on what it does best.
Elliott has moved for change at a number of tech companies including BMC, Informatica, Brocade, Riverbed, and Juniper. This week Elliott has been in a tug of war with Samsung C&T about a potential merger between Samsung and Cheil Industries.
Elliott is now the largest hedge fund investor in Citrix. The largest shareholders are Vanguard and real estate firm Invesco.
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