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The Wall Street Journal: Elliott Management reveals $1 billion stake in Citrix, wants changes

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Activist hedge fund Elliott Management Corp. has a more than $1 billion stake in Citrix Systems Inc. and wants the software company to take action to boost its lagging stock price, according to people familiar with the matter.

Elliott recently informed Citrix
CTXS,
+0.73%

it has a stake of more than 10% in the company and would like to work with it to improve its valuation, the people said. A stake of that size would be valued at around $1.3 billion, based on Citrix’s market value of nearly $13 billion as of Tuesday.

Citrix makes software that allows users to virtually access desktops as well as other cloud-computing capabilities. Elliott previously took a stake in Citrix in 2015 and held a seat on its board until last spring.

Citrix, like many legacy software companies, has had a rocky transition to a subscription-based model for its core virtual-desktop services. But it has benefited as the pandemic stokes demand for remote-work services, a trend that appears poised to continue.

An expanded version of this report appears on WSJ.com.

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