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OFFON

ACI WORLDWIDE, INC.

(ACIW)
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ACI Worldwide : Starboard says it now owns 9% of ACI Worldwide, stock gains

10/19/2020 | 06:59pm EDT
Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John's International Inc., speaks during an interview on CNBC on the floor of the NYSE in New York

BOSTON (Reuters) - Activist investor Starboard Value boosted its stake in ACI Worldwide Inc to 9%, according to a regulatory filing made on Monday that helped push the payment systems company's stock up more than 3% in afterhours trading.

The New York-based hedge fund now owns 10.5 million shares in the Naples, Florida-headquartered company which is worth $3.7 billion, the filing said.

Starboard began building its stake during the first quarter of the year and owned 2 million shares or 1.77% at the end of the second quarter, earlier regulatory filings show.

Speculation has swirled in the last weeks that Starboard, which launched three new campaigns in the first nine months of 2020, would unveil a larger stake in ACI Worldwide before the company reports third-quarter earnings.

In the filing, Starboard said the company's shares, which have lost 17% since the start of the year, were undervalued when the hedge fund bought them and may propose a variety of changes that could include board changes or a strategic review.

A spokesman for ACI Worldwide did not have an immediate comment.

Earlier this month, Starboard's CEO, Jeffrey Smith, announced positions in agricultural and chemical company Corteva and ON Semiconductor.

Starboard is known for its operational know-how and often proposes to add new directors to a company's board. So far this year, Starboard has won 22 board seats, almost double the 12 directors that Elliott Management has placed on boards.

ACI Worldwide's stock price closed at $31.50 on Monday and was trading at $32.50 after the news of Starboard's bigger stake.

(Reporting by Svea Herbst-Bayliss; Editing by Cynthia Osterman)

By Svea Herbst-Bayliss


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACI WORLDWIDE, INC. -2.12% 37.85 Delayed Quote.0.62%
ON SEMICONDUCTOR CORPORATION -3.30% 35.78 Delayed Quote.13.05%
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Financials (USD)
Sales 2021 1 331 M - -
Net income 2021 136 M - -
Net Debt 2021 - - -
P/E ratio 2021 33,6x
Yield 2021 -
Capitalization 4 568 M 4 568 M -
Capi. / Sales 2021 3,43x
Capi. / Sales 2022 3,27x
Nbr of Employees 3 768
Free-Float 83,1%
Chart ACI WORLDWIDE, INC.
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ACI Worldwide, Inc. Technical Analysis Chart | ACIW | US0044981019 | MarketScreener
Technical analysis trends ACI WORLDWIDE, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Average target price 45,40 $
Last Close Price 38,67 $
Spread / Highest target 19,0%
Spread / Average Target 17,4%
Spread / Lowest Target 13,8%
EPS Revisions
Managers and Directors
NameTitle
Odilon Almeida President, Chief Executive Officer & Director
Scott William Behrens Chief Financial & Accounting Officer
Raj Vaidyanathan Head-Technology & Operations
Carolyn Homberger Chief Risk & Administrative Officer
Charles E. Peters Independent Director
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