Splunk makes software used by companies’ information-technology and security operations to monitor threats and analyze data. Activist investor Starboard Value LP has a sizable stake in Splunk and plans to push the software maker to take action to boost its stock price, according to people familiar with the matter. Starboard’s stake is just under 5%, the people said. The hedge fund often targets software companies that could benefit from operational and margin improvements or be attractive takeover targets.

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