Salesforce Inc (CRM)

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Third Point’s new Salesforce (CRM) stake: Hedge funds and C-suites weekly | Pro Recap
By: Investing.com | February 13, 2023

Here is your weekly Pro Recap of the biggest headlines out of hedge funds and company top brass that you may have missed on InvestingPro. Start your free 7-day trial to get this news first.

Third Point takes a stake in Salesforce

Daniel Loeb's hedge fund holds a stake in Salesforce (NYSE:CRM), according to the Wall Street Journal. Loeb joins the list of five known activist investors with positions in Salesforce, including Elliott Investment Management, Starboard Value, ValueAct Capital Partners, and Inclusive Capital.

The size of Loeb's position and his plans are not mentioned in the report. While Third Point is known for advocating for changes to increase shareholder value, the report suggests they may not take action this time.

Salesforce recently announced a 10% global workforce reduction after admitting to excessive hiring post-pandemic.

The company will report its Q4 results on March 1 after the market close.

ValueAct Capital Management invests in Spotify

ValueAct Capital Management has acquired a position in Spotify (NYSE:SPOT), according to Bloomberg, supporting CEO Daniel Ek's plan for spending control and efficiency. CEO Mason Morfit calls it the firm's "newest investment," citing Spotify's innovative business model. Morfit praised Spotify for combining engineering and organizational skills, leading to the creation of a new economic model that benefits all parties.

Spotify received upgrades from Wells Fargo and Atlantic Equities last week. Wells Fargo upgraded the stock to Overweight (from Equal Weight) and increased the price target to $180 from $121, citing the company's accelerating commitment to margin improvement. Atlantic Equities also upgraded the stock to Overweight (from Neutral), raising the target to $160 from $110, as non-music initiatives drive margin expansion and the ad market shows signs of improvement.

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