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Starboard takes major stake in Dynatrace

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Activist investor Starboard Value has reportedly built a major position in AI software company Dynatrace and is pushing for strategic changes aimed at lifting its valuation.

According to reports, Starboard argues Dynatrace shares are undervalued relative to peers and believes slower revenue growth concerns have weighed too heavily on the stock. The firm is reportedly urging faster capital returns, including an accelerated share buyback program that could exceed $2.5 billion over three years.

Dynatrace shares rose sharply in after-hours trading following the report. The company had already launched a $1 billion repurchase plan earlier this year despite shares remaining down significantly year-to-date.

The move positions Starboard among Dynatrace’s largest shareholders and signals possible pressure for broader financial or operational adjustments.

Starboard’s Jeff Smith Urges Tripadvisor to Explore Sale of TheFork or Entire Company

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Starboard Value CEO Jeff Smith called on Tripadvisor (TRIP.O) to consider selling its restaurant reservation platform TheFork—and potentially the entire company—as part of a broader effort to unlock shareholder value. Speaking at the 13D Monitor Active Passive Investment Summit in New York, Smith said Tripadvisor’s brand remains “amazing,” but the company has “a huge opportunity to transform and reimagine the user experience to improve revenue growth.”

Tripadvisor operates three main businesses: its flagship travel review and hotel booking platform, Viator, which specializes in tours and experiences, and TheFork, a restaurant booking service. Smith said TheFork, being “the most easily separable and least integrated” of the trio, could be sold “at an attractive multiple.” He also raised the possibility of divesting or restructuring the entire company to unlock more value.

Starboard, which has built a 9% stake in Tripadvisor this year, has been in discussions with the company’s management for weeks. Smith argued that Tripadvisor is “too cheap for a company that is growing” and highlighted Viator’s potential, calling experience booking “the fastest-growing segment in travel.”

In a statement, Tripadvisor said it “values constructive engagement with all shareholders” and remains committed to driving long-term value.

Smith also pointed to significant cost-cutting opportunities within Tripadvisor’s core brand, especially if revenue growth doesn’t accelerate. The hedge fund’s proposal echoes similar activist campaigns where Starboard has pushed for structural changes and asset sales to boost shareholder returns.

Activist Investor Starboard Value Takes 9% Stake in Tripadvisor, Shares Jump

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Activist investment firm Starboard Value has acquired over a 9% stake in online travel company Tripadvisor, valued at approximately $160 million, sources said Wednesday. The news drove Tripadvisor’s stock price up 7% in after-hours trading.

Tripadvisor, known for its hotel and restaurant review and search tools, has seen its shares fall about 15% over the past year. Earlier this year, Tripadvisor’s board formed a special committee to explore strategic options, including a potential sale.

Starboard Value is known for pushing operational and strategic changes in its target companies but neither Tripadvisor nor Starboard immediately responded to Reuters’ requests for comment. The Wall Street Journal first reported the stake acquisition.

Starboard’s CEO Jeffrey Smith recently joined the board of consumer healthcare company Kenvue and has previously advocated for changes at Pfizer and Autodesk. The firm is expected to file a 13D regulatory disclosure soon, signaling intentions to influence Tripadvisor’s management and operations.