41 documents showing 1–41
Salesforce, Inc. CRM
Salesforce's 2022 turnaround delivered +1,000bps margins and +99% stock; Starboard argues further cost discipline plus Agentforce growth can hit the Rule of 50 by FY2028 and $20+ FCF/share.
N4
V3
C3
⌂
⇌
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
C2
⌂
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
C3
⌂
◫
GoDaddy Inc. GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
N4
V3
C2
⌂
⚑
Box, Inc. BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
N4
V3
C3
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⚑
Date
Fund
Target
Thesis
Scores
Sep 01, 2025
Kerrisdale Capital
CoreWeave, Inc.
CRWV
CoreWeave is a debt-fueled, undifferentiated GPU rental stopgap with 71% Microsoft concentration and sub-WACC returns; fair value is $6–13, or 88–95% downside.
N4
V3
Sep 01, 2025
Kerrisdale Capital
Pure Storage, Inc.
PSTG
Pure Storage's hyperscaler dream is hype: HDDs dominate at 5-6x TCO advantage, the Meta deal is replicable, and Pure deserves a peer multiple, implying ~55% downside to $35.
N4
V3
Apr 01, 2025
Kerrisdale Capital
D-Wave Quantum Inc
QBTS
D-Wave's quantum annealing is a commercial dead end, its 'hybrid' solvers are almost entirely classical, and at 57x 2026E revenue the stock will collapse as reality sets in.
N4
V3
Feb 01, 2025
Pershing Square
Uber Technologies
UBER
Uber is a high-quality, network-effect marketplace trading at 29x due to overblown AV fears; 30%+ EPS growth should more than double the stock in 3-4 years.
N3
V4
Jan 29, 2025
Kerrisdale Capital
ACM Research, Inc.
ACMR
ACMR trades at 1.1x revenue while its 82%-owned Shanghai subsidiary ACMS trades at 6x — a sum-of-parts gap that implies a 10-bagger as China's WFE self-sufficiency drive accelerates.
N4
V2
Dec 01, 2024
Citron Research
Nebius Group
NBIS
Nebius — the de-Russified Yandex remnant now an AI cloud pure-play backed by Nvidia and Accel — is mis-priced ahead of analyst coverage; Citron sees $50+.
N3
V2
Nov 01, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, a 7.1% holder, nominates six directors to overhaul Dye & Durham's board, replace management, cut leverage to 3x, and close the valuation gap to ~20x EBITDA peers.
N2
V1
Oct 16, 2024
Engine Capital
Dye & Durham Limited
DND
Engine, owning 7.1% of Dye & Durham, will run a board slate at the 2024 AGM, arguing a refreshed board can close the 8x-vs-18x EBITDA peer gap.
N2
V1
Oct 01, 2024
Starboard Value
Salesforce, Inc.
CRM
Salesforce has executed Starboard's 2022 thesis — margins up 1,000bps, stock +99% — but committing to Rule of 50 by FY2028 still unlocks $20+ FCF/share at ~14x.
N4
V3
Oct 01, 2024
Starboard Value
Salesforce, Inc.
CRM
Salesforce's 2022 turnaround delivered +1,000bps margins and +99% stock; Starboard argues further cost discipline plus Agentforce growth can hit the Rule of 50 by FY2028 and $20+ FCF/share.
N4
V3
Sep 20, 2024
Spruce Point Capital
Intuit Inc.
INTU
Intuit is an opaque, consumer-unfriendly SMB software company whose $20bn Credit Karma/Mailchimp blunders and 11x revenue multiple imply 40%-80% downside under CEO Sasan Goodarzi.
N5
V3
Aug 08, 2024
Spruce Point Capital
Zebra Technologies Corp.
ZBRA
Zebra's hardware growth is stalling, its accounting and governance are riddled with red flags, and a sum-of-parts valuation implies 65-80% downside to $63-$110 per share.
N4
V3
Jun 05, 2024
Scorpion Capital
Lasertec Corporation
6920
Lasertec — Japan's most-traded stock at $23B — is inflating inventory to hide that its flagship ACTIS EUV mask-inspection tool is defective; a 65-70% writedown will erase 85% of retained earnings.
N5
V4
Apr 17, 2024
Spruce Point Capital
PowerSchool Holdings, Inc.
PWSC
Spruce Point is short PWSC: ESSER-fueled K-12 growth is about to hit a fiscal cliff while aggressive accounting, SOPIPA privacy exposure, and 5.8x true leverage imply 30-60% downside.
N5
V3
Apr 11, 2024
Citron Research
Edgio, Inc.
EGIO
Edgio trades at 0.13x sales despite serving Microsoft, Amazon, and Verizon; a takeout or rerating to peer CDN multiples implies $65-$200 per share — 6-10x upside.
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
Sep 12, 2023
Starboard Value
GoDaddy Inc.
GDDY
GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.
N4
V3
Jan 10, 2023
Spruce Point Capital
Super Micro Computer, Inc.
SMCI
SMCI — an SEC-fined serial restater now ~22% reliant on Meta — is masking accounting strain and insider selling behind a multiple expansion that should revert, implying 40-50% downside.
N4
V3
Oct 19, 2022
Starboard Value
Multiple (Wix, Salesforce, Splunk, Vertiv)
WIX / CRM / SPLK / VRT
Four high-quality TMT names (Wix, Salesforce, Splunk, Vertiv) trade at multi-year-low valuations; closing the margin gap to peers as the market shifts from growth to profitability unlocks substantial FCF/share upside.
N4
V3
Jan 20, 2022
Spruce Point Capital
TaskUs, Inc.
TASK
TaskUs is a Blackstone-promoted BPO with embellished disclosures, Satyam-linked accounting tics, and eroding Facebook unit economics; fair value is 25-50% below spot, or $18-$27.
N4
V3
Dec 09, 2021
Spruce Point Capital
Nuvei Corp
NVEI
Nuvei is a thrice-rebranded payments roll-up run by executives tied to Ponzi schemes, fraud and adult-industry operators; peer-multiple re-rating implies 40-60% downside to $39-$58.
N5
V4
Sep 29, 2021
Spruce Point Capital
Lightspeed Commerce, Inc.
LSPD
Lightspeed is a cash-burning POS roll-up that inflated its pre-IPO customer count by 85%, hides organic decline behind acquisitions, and should re-rate 60–80% lower to $22.50–$47 as Shopify, Square, Adobe and Amazon crowd it out.
N4
V3
Sep 27, 2021
White Diamond Research
Atomera Inc.
ATOM
Atomera's MST IP-licensing model is on the cusp of first commercial customer ramps; probability-weighted fab adoption scenarios support a $28 price target with moonshot upside to $146.
N2
V2
Aug 06, 2021
Starboard Value
Box, Inc.
BOX
Box is a best-of-breed cloud content platform that has missed every revenue target since IPO; a reconstituted board can fix go-to-market execution and close a massive valuation gap to peers.
N4
V3
May 20, 2021
Starboard Value
Box, Inc.
BOX
Box's board issued $500m of KKR preferred to lock up >10% of the vote and entrench itself ahead of Starboard's proxy contest — Starboard demands the books and four new directors.
N3
V1
Mar 08, 2021
Wolfpack Research
Skillz, Inc.
SKLZ
Skillz's SPAC-era growth story is collapsing — its top three games (88% of revenue) are in freefall while management touts fake NFL and Buck Hunter 'partnerships' to mask the miss.
N4
V2
Jan 07, 2021
Spruce Point Capital
Magnite, Inc.
MGNI
Magnite is a hype-fueled ad-tech merger masking Telaria's deteriorating CTV business with dubious management and suspect accounting; 25%-50% downside to $14.75-$20.
N4
V4
May 13, 2020
Spruce Point Capital
Forescout Technologies
FSCT
Advent overpaid $33/share for Forescout — management buried weaker forecasts and Q1 sales fell 24%; renegotiating 35-50% lower or paying the $112M break fee both beat closing.
N4
V3
Feb 06, 2020
Spruce Point Capital
Dropbox, Inc.
DBX
Dropbox is a decelerating, commoditized storage business whose reported FCF is overstated ~2x; fair value is $6.60-$13, implying 25-60% downside from $17.60.
N4
V3
May 23, 2019
Spruce Point Capital
Verint Systems, Inc.
VRNT
Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25.
N4
V3
Aug 21, 2018
Citron Research
NVIDIA Corporation
NVDA
NVDA, up 600% since 2016, faces in-house silicon from every mega-customer, collapsing crypto and autonomous narratives, and a benchmark-less Turing launch — shares revert to $200.
N4
V2
Jul 19, 2018
Spruce Point Capital
2U, Inc.
TWOU
2U's one-size-fits-all OPM model is being disrupted by lower-take-rate fee-for-service rivals; FOIA-documented program failures imply 30-50% downside to $47-$65/share.
N4
V3
Apr 04, 2018
Spruce Point Capital
Globant SA
GLOB
Globant is a poorly organized digital-IT roll-up using accounting games and Luxembourg disclosure loopholes to mask decelerating organic growth; shares warrant 40-50% downside to $24.50-$29.50.
N4
V3
Jun 01, 2017
Citron Research
BlackBerry
BBRY
Like NVDA's re-rating from graphics chips to AI, BlackBerry's QNX-led pivot to autonomous driving and IoT supports a $20 target — or a Mobileye-style buyout at a premium.
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
May 20, 2014
Spruce Point Capital
iRobot Corp
IRBT
IRBT is a narrow consumer-vacuum company riding a robotics bubble; aggressive accounting, insider selling and a decaying moat point to $20-$25, or 25-40% downside.
N4
V3
Jun 06, 2013
Oasis Management
Nintendo Co., Ltd.
7974.T
Nintendo trades at 0.9x book with 67% of market cap in net cash; publishing Mario and Pokémon on iOS/Android unlocks freemium upside of 97-240%.
N5
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