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Here's Why Salesforce Stock Surged Last Week

TheMotleyFool

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Here's Why Salesforce Stock Surged Last Week: https://g.foolcdn.com/editorial/images/705883/investor-gettyimages-832105060.jpg

Shares of Salesforce.com (NYSE: CRM) jumped 12.6% this past week, according to data from S&P Global Market Intelligence. Investors are intrigued by the potential for activist investor Starboard Value to improve returns for shareholders.

Following a roughly 40% decline in the software giant's stock price in 2022, Starboard founder Jeff Smith believes Salesforce's shares are undervalued. The multi-billion-dollar hedge fund, in turn, has decided to invest in the fallen tech star.

Though Smith declined to specify the size of his firm's stake during an interview with CNBC's David Faber, he said it was "significant."

Source Fool.com

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