Starboard Value, the activist hedge fund led by Jeff Smith, fully exited its positions in Salesforce (NYSE:CRM | CRM Price Prediction) and Autodesk (NASDAQ:ADSK) during the first quarter of 2026, disclosed in a 13F filed May 15, 2026. In their place, Smith opened brand-new long positions in Lamb Weston (NYSE:LW) and CarMax (NYSE:KMX), and added to existing stakes in Riot Platforms and TripAdvisor.

From Software Activism to Old-Economy Turnarounds

Starboard’s Salesforce campaign began in late 2022 and pushed Marc Benioff toward margin expansion and discipline. Three years later, the thesis cashed in. Salesforce just posted Q1 FY27 EPS of $3.88 versus a $3.13 consensus, funded a $25 billion accelerated share repurchase, and cut…