Activist investor Starboard takes Salesforce stake

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Activist investor Starboard Value Group LP has reportedly taken a stake in Salesforce.

The hedge fund's founder Jeffrey Smith told CNBC's David Faber that he sees a "significant opportunity" in the software giant, but did not disclose the size of the stake. 

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The Salesforce logo is seen at its headquarters on Dec. 1, 2020 in San Francisco. | Getty Images

A Salesforce spokesperson told FOX Business did not comment on the report about Starboard's stake, but emphasized that the company is "committed to acting in the best interests of our shareholders" and are "focused on continuing to execute on our strategy outlined at Dreamforce."

A representative for Starboard did not immediately return FOX Business' request for comment.

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Salesforce shares jumped during Tuesday's trading session following the report. As of the time of publication, the stock is down approximately 38% year to date. 

In August, Salesforce reported total revenue of $7.72 billion, up 22% year over year, and adjusted earnings of $1.19 per share for the second quarter of 2023. Looking ahead at the full fiscal year, the company expects revenue between $30.9 billion and $31 billion and adjusted earnings per share between $4.71 and $4.73.  

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In addition to Salesforce, the Wall Street Journal reported that Starboard had taken a stake in San Francisco-based software giant Splunk that was just under 5% of the company. 

Other notable companies Starboard has established stakes in include Kohl's and Humana.