Dynatrace down amid big block trade

Dynatrace,

12/02/2024 20:22

** Shares of software intelligence co Dynatrace Inc  DT.N 
down 2.2% to over 1-mth low $52.60, and falling for 3rd straight
session, amid news of big block trade
    ** Market sources cite BofA re-offered ~14.24 mln shares at
at $53, bottom of $53-$53.50 marketed range, representing 1.5%
discount to DT's Fri close price
    ** Private equity firm Thoma Bravo cited as the seller,
according to sources
    ** Thoma Bravo owned 30.36 mln shares, or ~10.3% stake in
DT, per LSEG data. PE firm last offloaded its holdings in
10-mln-share Nov secondary offering priced at $50.75
    ** DT has now lost ~13% since co on Thurs trimmed its FY24
annual recurring revenue (ARR) growth forecast to 18%-19% from
prior 19%-20% expectations
    ** About 5 mln shares have traded on Mon compared to stock's
25-DMA volume of about 2.8 mln shares - LSEG
    ** With move on Mon, stock up ~21.5% over the past year

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))