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: Salesforce stock pops after report says Starboard owns a ‘significant’ stake in software giant

0

Shares of Salesforce Inc. popped 6% in premarket trading Tuesday after CNBC reported that activist investor Starboard Value LP had taken a “significant” stake in the software company.

The report noted that Starboard founder Jeff Smith shared with CNBC that he saw “significant opportunity” in the shares, which have lost more than 40% of their value so far in 2022. Smith told CNBC that Salesforce’s
CRM,
+5.28%

“sub-par mix of growth and profitability” is driving a valuation discount for the stock.

Starboard didn’t immediately respond to a MarketWatch request for confirmation of the stake, nor did a Salesforce representative.

Salesforce shares are down 50% over a 12-month span, as the S&P 500
SPX,
+2.04%

has lost 18% and as the Dow Jones Industrial Average
DJIA,
+1.91%
,
of which Salesforce is a component, has declined 14%.

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