Starboard Value LP procured a stake in Salesforce, IncCRM, with founder Jeff Smith saying a significant opportunity remains in the enterprise software maker.
Smith told David Faber the stake is significant without specifying the dollar amount, CNBC reported.
Smith has remained a prolific activist investor even during the pandemic, calling for changes in Humana, Kohl’s, Mercury Systems, and others.
Shares of Salesforce have fallen more than 40% in 2022. The company in August gave a disappointing forecast for fiscal 2023, partly due to FX headwinds.
Starboard Value manages about $6.2 billion in assets, according to filings through the first quarter of 2020.
Price Action: CRM shares traded higher by 6.33% at $156.50 in the premarket on the last check Tuesday.
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