TELETRADER News
10/18/2022, 2:52 PM
(Source: TeleTrader)
Salesforce jumps over 7% premarket as Starboard acquires stake
Salesforce Inc. saw its shares surge 7.5% in premarket trade on Tuesday after hedge fund Starboard Value LP announced it acquired a stake in the software company. Starboard CEO Jeff Smith told CNBC the stake is "significant" but did not provide specific figures.
Salesforce's shares are down almost 50% in a year, with Smith blaming the slump on a "sub-par mix of growth and profitability." He added that there is still a "significant opportunity" in the company.