Salesforce popped on Tuesday after activist investor Starboard Value disclosed that it has taken a stake in the enterprise software maker. Read More...
Reuters
Activist Starboard focusing on profitability at Salesforce, Splunk and Wix
NEW YORK (Reuters) -Activist investor Jeffrey Smith said on Tuesday his investment firm Starboard Value was currently involved with Wix.com, Splunk and Salesforce, and was engaged with management for ways to bolster valuations of these high-growth companies. Smith said the common theme among all three companies was that the level of growth they were promising had not translated into appropriate profitability and, therefore, value for its shareholders. “We need to appeal to the management team to be as competitive at producing value for shareholders,” Smith said of Salesforce, noting it had market-leading positions among all of its products and a highly competitive culture.
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