Websense Inc. (NDAQ:WBSN) shares moved up marginally after the Shamrock Activist Value Fund disclosed a 6.09 percent stake in the company - up from its previous stake of 5.03 percent. The activist hedge fund has made no indications that it would be seeking to unlock value, so many investors are assuming that this may simply be a value play worth watching.

Websense shares are more than 30 percent off of their highs as the company struggles in the tough environment. The web-security software company recently cut its third quarter revenue estimate amid concerns that it would see lower billings for the quarter. The company now expects third quarter revenues to be around $50.4 million compared with its prior view of $51.5 million.

Websense provides web filtering and web security software products that enable organizations to protect employees and confidential information from external web-based attacks, such as spyware and phishing, as well as analyze, report and manage how employees use computing resources and the Internet.

In the end, this continues to be a difficult business environment for Websense, which has been struggling with losses for several years. It will be interesting to see whether Shamrock takes action in its investment, or is simply confident that the company will eventually turn itself around organically. Combined, these factors make WBSN a stock worth watching!

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