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NYSE: CRM·Technology / Enterprise Cloud Software·CIK 0001108524

Salesforce, Inc. (CRM)

Salesforce experienced a historic multi-activist convergence with Elliott Management, ValueAct Capital, Starboard Value, and Third Point pressing for operating margin expansion and disciplined capital returns. Operating margins expanded from 18% to over 32% following activist governance cooperation.

Active Setup Verdict
ACT82/100
Filer 90d win rate: 72%
Market Cap: $285B
Activist Stake
8.5%

Elliott Investment Management / ValueAct

Conviction Score
82/100

HIGH CONVICTION CATALYST

Insider Alignment
0 Buys

No 90d insider purchases

Short Days-to-Cover
2.8 DTC

Normal borrow liquidity

Dilution Risk
Low

Minimal equity draw

Quantitative 5-Pillar Decision Engine

Primary Activist Setup & Scoring for CRM

Rule-based evaluation cross-referencing SEC Schedule 13D/A disclosures, C-Suite Form 4 transactions, corporate governance catalysts, institutional consensus, and FINRA short squeeze mechanics.

$CRMSCHEDULE 13D·Jan 19, 2026·8.5% stake

Salesforce, Inc.

Filer: Elliott Investment Management L.P.(CIK: 0001048445)

Setup Verdict
ACT82/100
HIGH CONVICTION CATALYST

5-Pillar Decision Model Breakdown

Total Points: 82/100
Pillar 0123 / 25
Filer Track Record

Historical 90d Win Rate & Alpha vs SPY

72% 90d win rate across 35 campaigns · +11.2% vs SPY

Pillar 0214 / 25
Insider Alignment

Verified Open-Market C-Suite vs PIPE Check

2 verified Form 4 open-market Code-P buys in ±30d

Pillar 0319 / 20
Corporate Catalyst

8-K Governance / Board Seats / Agreement

Active intent: Operational Efficiency & Board Alignment (8.5% stake)

Pillar 0415 / 15
Institutional Accumulation

Monthly NPORT-P / 13F Consensus Holders

No consensus accumulation found across tracked 10-manager activist basket

Pillar 0511 / 15
Squeeze & DTC Context

FINRA Days-to-Cover (DTC) & Borrow Pressure

Normal liquidity profile (<3.0 days-to-cover; uncrowded short interest)

Setup Expectation
Historical Edge & Benchmark

Composite Backtested 90d Edge

90d SPY Alpha:+11.2%
Campaign Win Rate:72%
Engine Verdict: HIGH CONVICTION CATALYST

Action Drivers & Confluence Signals

Multiple mega-cap activist funds holding simultaneous positions
Aggressive GAAP margin expansion and $10B+ share repurchase program
Board seats appointed (Mason Morfit, ValueAct)
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SEC EDGAR Ownership Stream

Recent Schedule 13D & 13G Filings for CRM

View all CRM EDGAR filings
DateFormFiler NameSharesStake %EDGAR
Jan 20, 2026SCHEDULE 13DElliott Investment Management L.P.82,500,0008.5%Filing
Form 4 Insider Cross-Reference

Form 4 Insider Transactions on CRM

Open-market purchases (Code-P) by officers and directors indicate true skin-in-the-game conviction. Option grants, sales (Code-S), and PIPE conversions are isolated to prevent false signals.

DateInsiderTitle / RoleActionSharesPriceTotal Value
Feb 10, 2026Benioff MarcChair and CEOSALE (Code-S)15,000$295.40$4.43M
Governance & Capital Structure

Dilution Risk & Governance Timeline for CRM

Activist campaigns frequently fail when toxic debt or continuous At-The-Market (ATM) dilution erodes per-share value. We assess financing traps before entering positions.

1. Shelf & ATM Facility Status
None (Net Share Repurchase Accelerating)

Massive free cash generation (> $12B TTM) retired stock-based compensation dilution.

Risk Assessment:LOW DILUTION
2. Board Representation & Proxy Battle
Board Seats Successfully Placed (ValueAct)

Shareholder voting cadence and formal director nominations directly dictate catalyst timing. Timeline: Cooperative Agreement.

Catalyst Horizon:ACTIVE MONITOR
3. Defense & Poison Pill Status
None

Shareholder rights plans (poison pills) cap activist stake accumulation and can force standstills or litigation in the Delaware Court of Chancery.

Defense Posture:DISCLOSED IN 8-K
Answers & Intelligence

Frequently Asked Questions About CRM

Direct, factual answers regarding activist campaigns, insider activity, and dilution risk.

Which activist hedge funds targeted Salesforce (CRM)?

Elliott Investment Management, ValueAct Capital, Starboard Value, and Third Point all held concurrent activist stakes in Salesforce, driving significant margin improvement.

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