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Activist investor Starboard says it has 9.3% stake in software firm Commvault – Source Reuters Tech News

BOSTON (Reuters) – Activist investor Starboard Value LP has built a stake in U.S. data protection and data management software company Commvault, saying in a regulatory filing that it felt the shares were undervalued when it purchased them.

FILE PHOTO: Jeffrey Smith, CEO of Starboard Value LP and Chairman of Papa John’s International Inc., speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 22, 2019. REUTERS/Brendan McDermid

The New York-based hedge fund has built a roughly 9.3% position in the company, according to a Securities and Exchange Commission filing made public on Monday afternoon. The filing said the firm owns 4.3 million shares.

Shares of Commvault jumped 7.3% in after hours trading, after having closed the session at $39.13.

Starboard, run by Jeffrey Smith, often seeks operational changes at the companies it targets. The Commvault filing did not give any hints as to what Starboard may be planning, saying only…

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Source Reuters Tech News

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