Welcome to Extreme Investor Network, where we provide unique and valuable insights into the world of investing. Today, we are diving into the latest moves made by Starboard Value, a well-known hedge fund run by Jeff Smith.
In the second quarter, Starboard Value increased its bet on Salesforce by a whopping 40%, amounting to a $126 million investment in the customer relations management software company. This move comes as Salesforce shares have faced a 3% slump this year, with a 15% decline in the second quarter alone. Starboard had previously trimmed its stake in Salesforce in the first quarter but has now significantly boosted its position.
Conversely, Starboard Value reduced its stake in GoDaddy, a web services company, by over 25% to $644 million. Despite this reduction, GoDaddy shares have seen a remarkable increase of more than 51% year to date. Starboard’s actions reflect a strategic shift in its portfolio, as the hedge fund also made moves in News Corp, Fortrea, Humana, Wix.com, and Match Group.
In a recent 13D filing, Starboard Value disclosed a new position in Tinder parent Match Group, totaling nearly $533 million. This investment represents a roughly 6.5% stake in the online dating company. Jeff Smith, the founder of Starboard Value, sent a letter to Match Group’s CEO, emphasizing the importance of improving margins through cost-cutting measures and product innovation to enhance business performance.
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