Ken Griffin’s Citadel Investment Group Boosts Stakes In Cornerstone OnDemand, Inc. (CSOD) And Ultra Petroleum Corp. (UPL)


Ken Griffin and his fund, Citadel Investment Group, have revealed an increase in their holding of Cornerstone OnDemand, Inc. (NASDAQ:CSOD). According to a recent filing with the Securities and Exchange Commission, Citadel and Griffin now hold approximately 2.74 million shares, which account for 5.2% of the company’s common stock. In another recent filing, Citadel and Griffin have revealed a massive increase in their stake in Ultra Petroleum Corp. (NYSE:UPL): from 94,388 to approximately 8.74 million shares, or 5.7% of the total number of shares outstanding.

Ken Griffin


Donald Chiboucis is also a fan of Cornerstone OnDemand, Inc. (NASDAQ:CSOD), having boosted his fund’s stake by 30% to 1.43 million shares during the first quarter of 2014. Richard Driehaus has decided to reduce his fund’s exposure to the stock and has dumped a third of the holding. As a result, Driehaus Capital has reported ownership of approximately 234,500 shares at the end of 2013.

A provider of cloud based software solutions, Cornerstone OnDemand, Inc. (NASDAQ:CSOD) has a market cap of $2.02 billion and does not pay a dividend. The company registered revenues of $57.4 million, up 52% year over year, and a loss per diluted share of $0.30 for the three months ending December 31, 2013. On April 21, UBS had upgraded Cornerstone OnDemand from Neutral to Buy, but have not changed the target price of $60. The broker attributed the upgrade to valuation, extreme negative sentiment, and revenue growth opportunities.

John Overdeck and David Siegel, the managers of Two Sigma Advisors, are also betting big on Ultra Petroleum Corp. (NYSE:UPL) and have increased their fund’s holding of the stock by 40% during the 2013 fourth quarter, taking it to 1.01 million shares. Natixis Global Asset Management, the firm that runs the Harris Associates fund, has initiated a new position in this stock during the last quarter of 2013, amassing 6.77 million shares and has made only a small increase in its stake to 6.79 million shares during Q1 of 2014.

Ultra Petroleum Corp. (NYSE:UPL) has performed very well so far this year, rising 36% to a current price of $29.73 per share. As a result, the company has an intra day market cap of $4.55 billion and does not pay a dividend. The stock is traded at a trailing Price to Earnings (P/E) ratio of 19.xx, which is pretty much in line with the industry average of 18.60. Ultra Petroleum’s first quarter results has brought good news to shareholders: revenue has increased 44% compared to the same period in 2013 to $326 million and earnings per share have increased six-fold to $0.66.

Griffin has been busy strengthening some of his fund’s position during April and has increased Citadel’s stake in Athlon Energy Inc (NYSE:ATHL) to 3.48 million shares or 4.3% of the company’s common stock. He is also optimistic about the prospects of Five Below Inc (NASDAQ:FIVE) and has more than quadrupled his stake, taking it to 3.18 million shares, which account for 5.9% of the total number of shares outstanding. Another notable change is the addition of a little under 0.5 million shares of William Lyon Homes (NYSE:WLH), with Citadel now holding 1.4 million Class A shares.

Disclosure: none.

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