Salesforce Shares Jumped 6.6% As Starboard Reveals Stake in It

Tiger Newspress2022-10-18

Starboard Value LP has taken a stake in Salesforce, with founder Jeff Smith saying a significant opportunity remains in the enterprise software maker.

Dow-component Salesforce jumped 6.6% in premarket trading Tuesday.

Shares of Salesforce have fallen more than 40% this year. The company in August gave a disappointing forecast for fiscal 2023, partly due to negative foreign-exchange impact.

Smith said the stake is significant without specifying the dollar amount.

The hedge fund manager said the valuation discount in Salesforce shares right now is largely due to a “sub-par mix of growth and profitability.” Smith added that the software company is not generating meaningful operating leverage relative to peers in recent years.

Smith has remained a prolific activist investor even during the pandemic, calling for changes in Humana, Kohl’s, Mercury Systems and others.

Starboard Value manages about $6.2 billion in assets, according to filings through the first quarter of 2020.

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Comments

r39
2022-10-19
r39
[Grin]
V.lye
2022-10-19
V.lye
Ok
KYBoo
2022-10-18
KYBoo
Hhhh
- KYBoo:
  hh
JLCH
2022-10-18
JLCH
yo
- JLCH:
  yo

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