Callouts & quotes from 3,339+ activist slides

"When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more."

"We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going"

"Spruce Point believes that this is an egregious overestimate, and we are stunned that the CEO of a near-billion-dollar public company could be so far off on one of his own business lines."

"We believe investors should exercise caution because the shares may be significantly overvalued, with potential downside risk of 70% - 95% under certain scenarios outlined in this report."

"With an early lockup expiration that we believe is fast approaching and insiders so achingly close to the final lap, the CEO seems to be furiously pumping the stock on TV at every chance."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 70% above current levels."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Zebra made a subtle change to recharacterize "warehouse" to "robotics" automation. We believe this is a tacit admission that Fetch Robotics offering is struggling to penetrate the market."

"It is natural for growth to be relatively higher in acquisition periods, but these figures suggest that Amdocs' organic growth rate is lower than management suggests and analysts believe."

"We believe Intuit has been slow to introduce synergistic offerings and that integration has been hamstrung by cultural issues (perhaps it was doomed?) and Mailchimp’s Atlanta HQ location."

"We believe the combination of underspending on capital expenditures and R&D has benefited PBH’s historic cash flow but will result in increasing financial struggles as acquisitions stall."

"We believe sustained, long-term success in the HCM market requires great technology, deep domain expertise and world-class services. To win in today’s HCM market, you have to have it all…"

"We believe compensation cooperation rules act as an artificial lift to commission rates and without them, commissions could compress over time to levels seen in other developed economies."

"Online chatter leads us to believe his affiliation with Stanford may have ended due to inflammatory statements on Twitter/X: “she’s a cunt,” referring to CNN reporter Christiane Amanpour."

"Starboard believes Mr. Taffe’s extensive experience as a senior executive and Board member at leading semiconductor companies will enable him to provide invaluable oversight to the Board."

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance."

"We Believe WTRG’s $4.3 Billion Dollar Levered Acquisition of Peoples Natural Gas Was Done In Desperation, Has Financial Reporting Anomalies, And Is Already Being Evaluated For Impairment"

"We believe the restaurant General Managers are the most important individuals in a casual dining company – they should have a compensation structure that promotes an ownership mentality."

"Ancora believes the reconstituted Board will be well-suited to support management through this critical period and position the combined company for long-term shareholder value creation."

"We believe the restaurant General Managers are the most important individuals in a casual dining company – they should have a compensation structure that promotes an ownership mentality."

"Despite all our evidence that Xylem has failed investors, we believe its rubber-stamping Board approved short-term annual incentive target changes that are beneficial towards management."

"The Shareholder Slate believes shareholders should not stand for the Company awarding such generous compensation packages without transparency and seemingly any connection to performance"

"We believe Saputo's inventory accounts are signaling severe financial strain. Inventory has grown 16.4% per annum over the same five year period that sales have increased 6.1% per annum."

"We see no reason why and believe it will ultimately revert to its long-term average as investors cope with more disappointment with SCMI's inability to generate recurring free cash flow."

"Spruce Point believes that ELF's recent success is directly correlated with its creative TikTok and Gen Z viral marketing campaigns led by a relatively small agency named Movers+Shakers."

"Give the apparent materiality of this new product to recent financial results according to the CEO, we also believe it should provide enhanced disclosure to investors in its SEC filings."

"Spruce Point believes that the proposed Forescout deal unjustly enriches management and long-time VCs stuck in dinosaur investment, while putting public employee pension dollars at risk."

"Spruce Point believes there is significant downside risk to Rollins’ share price as its premium multiple is reconsidered by institutional investors in the face of increasing competition."

"We believe Lamb Weston should target approximately $500 million in total cost reductions, representing roughly $250 million of incremental savings beyond the currently announced program."

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"In its inefficient conglomerate structure, we believe that Phillips will continue to trade near the multiple of its lowest-valued segments and at a discount to its sum-of-the-parts value"

"Over 1/3rd of WFG agents responded that they received no monitoring or supervision during their business activities, which we believe can explain the lack of discipline among WFG agents."

"In conclusion, our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"Given the issues we have identified with founders Hasson and Spear and the deleterious impact they have had on FIGS' culture, we believe FIGS has succeeded, to date, in spite of itself."

"Given her vastly more limited work experience compared with previous CFO Lawrence, we believe the appointment of Daniella Turenshine represents a material downgrade in CFO capabilities."

"We believe a majority of Monolithic's end markets are tied to cyclical industries, with the exception perhaps of communications, which MPWR has been diversifying away from, and storage."

"We believe that 3% SSS is conservative - it is in-line with better-performing peers, and 3 years of 3% SSS would just get Olive Garden's AUV back to the $4.8 million of a few years ago."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom’s common shares may trade at between $65-95.90/share or up to 135% above current levels."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares may trade at between $65-95.90/share or up to 135% above current levels."

"Over the last several years, Autodesk’s management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Spruce Point believes the earnout structure allowed Evoqua to book Adjusted EBITDA and earnings for a transaction where management implied a high probability of failing to meet targets."

"Spruce Point believes that the aggressive entry of third-party 3D printing labs into the clear aligner space could quickly render the aligner a low-value-added commodity in short order."

"While Oatly does warn investors about a Material Weakness of its internal control over financial reporting, we believe it does not adequately explain the exact impact to its financials."

"We find the two-year period notable insofar it is closer to where we believe current contract lengths (and device useful lives) are in the market, and not 5 years as assumed by Samsara."

"Of the 27 new product introductions, 12 direct consumers to purchase the product on Amazon through Monster’s website which we believe is a lower contribution margin distribution outlet."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"Should these directors not receive a majority of the votes cast at the Annual Meeting, we believe it would clearly be inappropriate for such directors to continue to serve on the Board."

"We believe that REZI's pre-tax income in the YTD 2025 period is inflated by 8-12% as a result of overly aggressive assumptions about the average customer life from the Snap transaction."

"Over the last several years, Autodesk’s management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"Over the last several years, Autodesk's management team and Board have overseen a wide range of concerning issues and underperformance, which we believe makes clear the need for change."

"After adjusting HLF’s reported data to fully account for realistic retail-related profits and all recruiting-related rewards, we believe ~92% of participants’ income is from recruiting."

"When Disney launched its streaming strategy, we believe it made many decisions to maximize distribution quickly that run counter to the core tenets of running a successful DTC platform."

"We believe the timeline of these events is not a coincidence and simply the company had to find a way to pay back the debt facility, having to pay it back in full in the next 10 months."

"We believe that in RUN’s structure, the Company is effectively selling the PV Systems to itself at inflated prices using a financing partner, even though selling ITCs is not permitted."

"We believe MDLZ’s enormous efficiency opportunity exists because MDLZ was created through a series of acquisitions made by legacy Kraft that were never properly optimized or integrated"

"Based on extensive research and discussions with culinary experts and suppliers, we believe we can accomplish these goals at Olive Garden’s current price points without hurting margins"

"we believe all €68.1 million in gains booked prior to any construction start (2017-2021) at both Polygon and MQM seriously abuse if not directly contradict its own accounting policies."