Activist investor Starboard Value is pushing Splunk Inc to make changes aimed at boosting its share price after building a nearly 5% stake in the software company, according to a report by Reuters.

The report cites an unnamed source as revealing that Starboard's Chief Executive Officer Jeffrey Smith plans to discuss the activist hedge fund's investment at Tuesday's 13D Monitor Active-Passive Investor Summit.

Splunk recently added two directors to its board, including a partner from Hellman & Friedman, a private equity firm that owns about 7.8% stake in the company.

Starboard, which is known for its operational expertise, also recently disclosed a stake in website development platform Wix.