Activist investor Starboard Value lifted its stake in Salesforce by nearly 50% in Q2, signalling a possible revival of pressure on the $223bn cloud software giant, according to a report by Reuters citing the firm's latest 13F filing.

The hedge fund, led by Jeffrey Smith, disclosed ownership of 1.3m shares as of 30 June, up from 849,679 at the end of Q1.

Starboard was among the first activists to target Salesforce in late 2022, pushing for improved efficiency, profitability and board refreshment. While the stock nearly doubled in 2023, it has since fallen 30% year-to-date and is down 9% over the past 12 months – potentially re-opening the door for renewed activist engagement.

Known for revisiting prior campaigns if it sees backsliding, Starboard’s latest move comes after other activists reduced or exited their positions in 2023. The firm also increased its stake in Pfizer by 10.5% to 8.5m shares, while trimming Autodesk holdings by 27% following a proxy settlement earlier this year.