Shares of Salesforce (NYSE: CRM) were up in pre-market trading on Tuesday after activist investor, Starboard Value took a stake in the cloud-based software company, according to a CNBC report. Starboard's founder Jeff Smith told CNBC that "a significant opportunity" existed in the company and that Starboard had taken a significant stake. Shares of CRM have dropped 42.4% this year and Smith believes that this valuation discount in CRM shares is due to a “sub-par mix of growth and profitability,” according to the report. Hedge funds have upped their holdings in CRM by 3.
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