Elliott Management Builds 10% Stake in Citrix Systems (CTXS) - WSJ

Activist hedge fund Elliott Management has built a more than $1 billion stake in Citrix Systems (NASDAQ: CTXS) and wants the company to take steps to boost its valuation, the Wall Street Journal reported citing people familiar with the matter.

The stake is said to be more than 10% of the company, it was added.

Elliott is no stranger to Citrix. In 2015, Elliott partner Jesse Cohn joined the board and called on the company to better allocate capital. He stepped down from the board in 2020 after the company boosted margins and shed non-core assets, including GoTo Meeting, which was sold to LogMeIn. Elliott's private equity arm, Evergreen Coast Capital, and partner Francisco Partners took LogMeIn private in 2020.

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