24 documents showing 1–24

May 09, 2025

Engine Capital

Lyft, Inc. LYFT

Board has committed to significant share repurchases

N1 V1

Dec 01, 2024

Engine Capital

Dye & Durham Limited DND

Dye & Durham's Board and CEO Matt Proud destroyed value chasing a $1bn EBITDA target through reckless M&A; Engine's six-director slate and new CEO can triple the share price to $46 in three years.

N5 V4

Sep 13, 2024

Engine Capital

Upwork Inc. UPWK

Engine argues Upwork is undervalued at ~6.5x EBITDA and that a refreshed board plus fixing the marketplace, focusing Enterprise, cutting bloat and aggressive buybacks unlocks substantial upside.

N4 V2

Sep 11, 2024

Engine Capital

Dye & Durham Limited DND

Dye & Durham's board broke its no-M&A pledge, re-levered to 5.3x, and lost six executives; shareholders need a Special Meeting and board change to close the peer valuation gap.

N4 V2

Aug 06, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's premier 93%-gross-margin software franchise is squandered under CEO Anagnost; Starboard demands cost cuts, compensation overhaul, buybacks and CEO re-evaluation to reach 45%+ margins and ~$15.50 FCF/share by FY2027.

N4 V3

Aug 01, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's premier software franchise is squandered under CEO Anagnost — peer-lagging margins, missed Investor Day targets and manipulated billings demand a Board-led overhaul to unlock 45% operating margins.

N4 V3

Jun 17, 2024

Starboard Value

Autodesk, Inc. ADSK

Autodesk's Board misled shareholders on free cash flow and ran out the nomination clock; reopen the vote, refresh directors, and fix margins to close the peer gap.

N4 V2

May 28, 2024

Elliott Management

Texas Instruments TXN

TI's rigid $5bn/year capex ramp is building ~50% excess capacity and has collapsed FCF per share 75%; flex capex to demand and commit to $9.00+ per share by 2026.

N4 V3

Apr 25, 2024

Engine Capital

Dye & Durham Limited DND

Engine wants Dye & Durham's board to abandon its arbitrary C$1bn EBITDA target, stop overpaying for acquisitions, and refocus on ROIC after 62% three-year shareholder losses.

N3 V2

Jan 31, 2024

Starboard Value

GoDaddy Inc. GDDY

GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.

N3 V2

Oct 18, 2023

Starboard Value

GoDaddy Inc. GDDY

GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock.

N4 V3

Dec 21, 2022

Oasis Management

Digital Garage, Inc. 4819 JT

Digital Garage's fintech payments arm is starved by a distracted conglomerate; spinning off FinTech and dumping the Kakaku.com stake unlocks ~100% upside amid Japan's cashless boom.

N3 V2

Nov 15, 2022

TCI Fund

Alphabet GOOGL

Alphabet's cost base is bloated — headcount up 20% CAGR since 2017, pay 67% above Microsoft, Other Bets bleeding $20bn; cut costs, target a 40% Google Services margin, and buy back stock aggressively.

N4 V3

Apr 02, 2018

Carl Icahn

Commvault Systems, Inc. CVLT

Commvault is a product-great but company-broken data management software leader; Elliott (10.3%) demands an operational review, four new directors, and a capital-return program to close a deep valuation discount.

N4 V2

Apr 02, 2018

Elliott Management

Commvault Systems, Inc. CVLT

Commvault, a product-respected software leader, trades at half the peer multiple because of 1,200bps of margin collapse and 20-year stale governance; a board refresh, operational review and capital return will close the gap.

N4 V2

Nov 28, 2016

Elliott Management

Cognizant Technology Solutions CTSH

Cognizant's two-decade-old 19-20% margin policy and absent capital return have cratered its multiple; lifting margins to 23% plus a $2.5bn buyback and 75% FCF payout unlocks $80-$90/share, 50-69% upside.

N4 V3

Oct 05, 2016

Elliott Management

Samsung Electronics Co., Ltd. 005930.KS

Samsung Electronics trades 34-68% below tech peers; demerging into Holdco/Opco, paying a KRW30tn special dividend and listing Opco on NASDAQ closes the gap while keeping Lee family control.

N4 V3

Dec 01, 2015

SpringOwl

Yahoo! Inc. YHOO

Yahoo's Core is mismanaged but fixable — replace Mayer with an operator CEO, cut headcount two-thirds, bring Liberty in as a partner, and shares triple from $35 to $113.

N4 V3

Nov 19, 2015

Starboard Value

Yahoo! Inc. YHOO

Yahoo should scrap the Aabaco spin-off and instead sell the Core Business outright, returning cash to shareholders and keeping Alibaba and Yahoo Japan stakes in the remaining entity.

N4 V2

Jan 13, 2014

Elliott Management

Juniper Networks JNPR

Juniper has badly underperformed peers for a decade; a $200M cost cut, a $3.5B buyback with dividend, and a security/switching review can drive shares to $35–$40 (57–77% upside).

N5 V4

Apr 30, 2013

Starboard Value

Tessera Technologies Inc. TSRA

Tessera has squandered $517M on the failing Digital Optics business while its core patent-licensing franchise shrinks; Starboard's six-director slate and IP-focused plan can unlock best-in-class 60-70% EBITDA margins.

N4 V3

Feb 21, 2013

Greenlight Capital

Apple Inc. AAPL

Apple's $137B idle cash depresses its P/E; distribute 'iPrefs' — tax-free perpetual preferred stock paying 4% — to unlock ~$150/share without spending a dollar of cash.

N5 V3

May 31, 2012

Elliott Management

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

N5 V3

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Engine Capital

Lyft LYFT

Lyft's entrenched, inexperienced board tolerates a dual-class structure, staggered seats and unoptimized balance sheet; replacing two directors unlocks governance reform and a $750mm ASR.

N3 V1