These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Feb. 21 through Feb. 28, 2024. Source: VerityData
Activist Holdings
Criteo
Petrus Advisers disclosed that it has shifted from a passive to an active holder of the advertising-technology firm and raised its stake to 3,090,309 shares, or 5.60% of shares outstanding, via stock and option transactions at prices ranging from $24.23 to $32.30 from Dec. 27, 2023, to Feb. 21, 2024.
Petrus sent a letter to Criteo asking the company to “prepare an investor day as soon as possible to explain its retail media strategy and a new midterm plan; accelerate the existing share buyback by means of a substantial self-tender of up to $150 million, no later than fourth-quarter 2024; initiate a comprehensive strategic review, including to evaluate all ownership options; and refresh the board of directors of the Issuer (the “Board”) by adding independent candidates whom the Reporting Persons will propose, with the aim of strengthening capital markets acumen and industry experience.” Petrus also called the stock an “attractive investment opportunity.”
Shares have gained more than 25% in 2024, and got a boost from a strong fourth-quarter report on Feb. 7.
Increases in Holdings
Ocular Therapeutix
Summer Road raised its position in the eye-disease-focused biotech to 14,360,633 shares, or a 9.4% stake, after buying 930,851 shares at a price of $7.52 per share in a private placement offering on Feb. 22.
Ocular shares have already more than doubled in 2024, and received a boost when the company announced leadership changes, also on Feb. 22, including the addition of Pravin U. Dugel as executive chairman, and new appointments to chief scientific officer, medical director, and chief strategy officer.
The changes put Ocular “on track to be a leader in retina care for wet age-related macular degeneration, diabetic retinopathy, and other retinal conditions.”
Decreases in Holdings
Appian
Abdiel Capital lowered its stake in the software firm to 5,890,304 shares. Abdiel did so through the sale of 721,140 Appian shares from Jan. 2 through Feb. 21, at per share prices ranging from $33.10 to $36.36. Following the latest sales, Abdiel now holds 14% of Appian. Shares have slipped about 7% this year.
Fortrea Holdings
Starboard Value lowered its stake in the contract-research organization to 6,136,000 shares. Starboard did so through the sale of 1,459,000 Fortrea shares from Feb. 14 through Feb. 26, at per share prices ranging from $34.01 to $37.26. Following the latest sales, Starboard now holds 6.1% of Fortrea.
Starboard had initially disclosed a stake in Fortrea in October 2023, calling shares “undervalued” and an “attractive investment opportunity.” Fortrea stock had sunk that August after the company reported its first quarterly results since its separation from
Laboratory Corp. of America
was completed. Shares have gained nearly 8% in 2024.
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