Elliott Associates, affiliates take 8.88 percent stake in Qlik
Investor Elliott Associates and its affiliates reported a combined 8.88 percent stake in data analytics company Qlik Technologies Inc, sending its shares up 9.5 percent on Thursday.Elliott Associates said in a filing it believed the company's shares are "significantly undervalued".The stake, which the investor and its affiliates held as of March 2, makes it the biggest shareholder in Qlik according to Thomson Reuters data.Elliott said it has initiated talks with Qlik's management and board about strategic and operational opportunities. It didn't disclose any further details about the opportunities.
Last month, the company reported fourth-quarter revenue below estimates, hurt by a stronger dollar.Up to Wednesday's close, the company's shares had lost more than a quarter of their value in the last 12 months. The company was not immediately available for comment.
Qlik shares were up 4.1 percent at $25.19 in early trading on the Nasdaq.
(Story refiles to correct dateline to March 3 from March 2) (Reporting by Anya George Tharakan in Bengaluru; Editing by Shounak Dasgupta)