Salesforce shares jump on report that Starboard has taken a stake

Business

Starboard Value LP has taken a stake in Salesforce Inc (CRM.N), CNBC reported, citing the activist investment firm’s founder Jeff Smith.

Shares of the software firm, which fell about 42% this year, rose more than 7% in trading before the bell.

The hedge fund did not disclose the size of the stake in the report.

Starboard did not immediately respond to Reuters request for comment. Salesforce said it is committed to acting in the best interests of shareholders, but declined to comment on the stake.