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Activist investor Jana built stake in BlackLine Systems in second quarter
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Activist investor Jana built stake in BlackLine Systems in second quarter
Aug 14, 2024 7:43 AM

NEW YORK, Aug 14 (Reuters) - Activist investor Jana

Partners built a new stake in U.S. enterprise software company

BlackLine Systems during the second quarter, according to

a regulatory filing on Wednesday.

The hedge fund has not yet said whether it will seek changes

at the Los Angeles-headquartered company. Jana owned 1.15

million shares on June 30, the filing shows, equivalent to a

near 2% stake.

The 13-F filing, which details what U.S. stocks asset

managers owned at the end of a given quarter, also shows that

Jana owned 2.7 million shares in cybersecurity company Rapid7 ( RPD )

, where the hedge fund is pushing for a sale.

Jana built a small stake in Fortrea Holdings ( FTRE ),

owning 690,000 shares at the end of the quarter, the filing

shows.

The firm cut its position in diagnostics company QuidelOrtho ( QDEL )

, which it had built during the first quarter.

It liquidated its position in pet food company Freshpet ( FRPT )

where it pushed for changes and reached a settlement a

year ago. Since Jana first began engaging with the company

roughly two years ago, its stock price generated a return of

roughly 300%.

Jana has a 23-year track record of investing and has pushed

for changes at companies including Frontier Communications

and before that Whole Foods Market, which sold itself

to Amazon.com Inc. ( AMZN )

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